Currency manager Record PLC (LSE:REC) saw US$1.7 billion in fund outflows in the second quarter, with losses attributed to its ‘dynamic hedging’, ‘passive hedging’ and ‘custom solutions’ products.
Assets under management increased by US$3.3 billion due to positive foreign exchange movements. As of 30 September, Record’s total AUM across all products was US$106 billion.
Chief executive Jan White stated: "The business has again demonstrated the strength of its unique range of currency management products with another quarter of AUM growth.
“Performance remains in line with expectations and I am confident about Record's medium-term growth opportunities."
Average fee rates in the quarter remained broadly unchanged from the previous quarter, added the group.
Record shares are currently down 12.5% year to date, with a market capitalisation of £125.4 million.