Specialist currency manager Record PLC (LON:REC) saw assets under management (AuM) ease to US$61.9bn at the end of June from US$62.2bn at the end of March.
In sterling terms, however, AuM increased to £46.9bn from £44.3bn three months earlier.
READ: Record shares fall as currency manager reports fall in annual profit
AuM benefited to the tune of US$1.2bn from market movements but exchange rate movements plus certain “currency for return” client mandates targeting a specific volatility target put a US$2.1bn dent in the figure.
Client inflows during the quarter totalled US$600mln, compared to an outflow in the preceding three months of US$1.6bn.
As at the end of June, Record had increased its client-base to 64 from 60 at the end of March.
During the quarter, fee rates for most products remained broadly unchanged from the previous quarter, taking into account the changes to management plus performance fees already disclosed in respect of some products.
The company earned performance fees of £1.0mln during the quarter, all of which related to performance over the first six months of 2018.
"The group continues to focus on enhancing its products and on building a more diverse portfolio both in terms of clients and in the mix of revenue streams,” said James Wood-Collins, the chief executive of Record.
"The announcement of Record's first performance fees since March 2016 reinforces the progress made in product enhancement and diversification, and upon which we hope to build going forward,” he added.