- Currency manager Record reported a fall in third-quarter assets under management due market volatility and fund net outflows.

Assets under management and administration in the three months through December fell 6.5% in US dollar terms to $57.8bn, and fell by 4.2% in sterling terms.

Net client flows amounted to a $1.1m outflow, while client numbers fell to 65 from 66.

'We continue to make progress in diversifying Record's business and in enhancing our products and services to clients,' chief executive James Wood-Collins said.

'Our ability to add value to client portfolios is demonstrated by the performance fees earned in the period of £1.3m.'

'With our diversified product suite and our ability to offer tailored solutions, we aim to make further progress in the rest of this financial year and the next.'

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