- Specialist currency manager Record booked a 22% fall in first-half profit as management and performance fees both declined.

Pre-tax profit for the six months through September fell to £3.2m, down from £4.0m on-year.

Revenue fell 10% to £11.4m after the company collected no performance fees during the period, while management fees slipped 3%.

Assets under management grew 4.6% in US dollar terms to $59.9bn and 10.6% in sterling terms to £48.6bn.

There were positive net inflows of $2bn during half, compared to none in the previous corresponding period.

Client numbers rose to 70, up from 65 at the end of March.

'We continue to see an encouraging range of new business opportunities across a broad range of products and geographies, balanced against continued competition and fee pressure,' chief executive James Wood-Collins said.

'To stay ahead we recognise the ongoing need to invest in the source of our advantage: our people and technology.'

'We remain confident of making further progress in the current financial year.'

'Over the longer term, the group will continue to benefit from our established industry position, investment expertise, and operational scalability.'

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