Record PLC (LSE:REC) reported US$0.6bn of net inflows during the past quarter and a rebound in assets under management equivalents (AUME).
AUME swelled 6% to US$86bn in the third quarter to end-December, the specialist currency and asset manager said, of which the largest elements were passive hedging at US$63.4bn and dynamic hedging at US$13.4mln.
Performance fees of £3mln were earned for the quarter, broadly unchanged from the previous quarter, and taking the year-to-date total of performance fees to £5.8mln – compared to £0.5mln a year ago.
These fees were earned in the quarter from "added value" for some enhanced passive hedging mandates linked to increases in interest rate differentials, the company said.
“In line with our growth strategy, we continue to focus on the modernisation and diversification of our business,” said chief executive Leslie Hill.
He said working was ongoing on new products and investment strategies for clients, which would be discussed at a capital markets event on 9 February.
“In the meantime, it is pleasing to report continued growth in our more traditional currency hedging products alongside a fourth consecutive quarter of performance fees,” he said.