- Specialist currency manager Record posted a 5% rise in first-half profit, as it boosted its client numbers and earned performance fees.

Pre-tax profit for the six months through September rose to £4.0m, as revenue rose 3% to £12.6m.

Assets under management increased 7% in pound sterling terms to £47.4bn but was broadly flat in US dollar terms.

Client numbers rose to 66, up from 60, while performance fees amounted to £1.0m compared to zero in the previous correspdonding period.

Record held its interim dividend steady at 1.15p per share.

'Competition and fee pressure in Passive Hedging in particular continue to put pressure on operating margins,' chief executive James Wood-Collins said.

'Our approach of investing in innovative solutions to meet client demand requires ongoing investment both in systems and people.'

'We were pleased to announce Record's first performance fees since March 2016, reinforcing progress made in product enhancement and diversification.'

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