Record PLC (LON:REC) reported a 6.5% drop in quarterly assets under management equivalent (AUME) amid global market volatility.
The currency manager said AUME in the quarter ended December 31 totalled US$57.8mln, down from US$61.8mln at the end of September.
Volatility in global stock markets had a US$2bn impact on AUME, while exchange rate movements carved US$0.9bn off the total.
Client numbers fell to 65 at the end of the period from 66 clients in the previous quarter.
The company said a commercial relationship, representing two clients and US$1.7bn of AUME, in its passenger hedging markets business is expected to terminate imminently.
Record earned performance fees of £1.3mln, broadly unchanged from the prior quarter.
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"We continue to see a range of new business opportunities across products and client locations, balanced against competition and fee pressure,” said chief executive James Wood-Collins.
“With our diversified product suite and our ability to offer tailored solutions, we aim to make further progress in the rest of this financial year and the next."