Record PLC (LON:REC), the currency management group, grew assets under management in the past quarter though management fees remained flat.
The group, which provides dynamic and passive currency hedging for corporate clients, saw assets under management equivalents grow 4% over the quarter to US$65.9bn as at September 30, the halfway stage of its financial year.
In the first quarter, assets had grown by 8%, following growth of 2.3% in dollar terms for the previous fiscal year or 7.5% in sterling terms.
Passive hedging made up US$55.6bn of this, with US$3.2bn for dynamic hedging, and the rest made up of currency for return and multi-product holdings.
Record had 74 clients at the end of the quarter, up from 72 at the end of June.
The movement of the US dollar and certain currency for return mandates targeting a specific volatility had a US$1.9bn positive effect on total assets, while movements in stocks and other financial markets had a US$0.5bn effect on the passive and dynamic hedging products.