- Specialist currency manager Record said its asset under management had swelled by 8% in the first quarter, putting it on track to hit full-year growth targets.

Assets under management equivalents in the three months through June expressed in US dollars grew to $63.3bn.

Record said management fee rates remained broadly unchanged, notwithstanding sustained fee pressure linked to passive hedging.

During the quarter, it appointed KPG Capital Partners to expand its US distribution capability.

'One of our strategic priorities for the current financial year is to enhance the capabilities of our marketing infrastructure to facilitate our accelerated growth plans,' chief executive Leslie Hill said.

'While competition and fee pressure linked to our passive hedging products persists, we continue to respond by enhancing our products and service offerings.'

'Record continues to illustrate its resilience and to operate effectively through the crisis, maintaining the strong relationships with its high quality, institutional clients by providing the highest levels of service and communication.'

'This is testament to the strong commitment and capability of our people, and gives me confidence that we can succeed in achieving our goal of continued growth that I outlined at our recent full year results.'

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