Record PLC (LSE:REC) said assets under management rose in its latest financial year even though the war in Ukraine hit the performance of some client portfolios in the final quarter.
Leslie Hill, the currency specialist's chief executive, said: "We closed the financial year with AUME at US$83.1bn, an increase of US$3bn (+3.7%) over the financial year.
“This included positive net inflows in the final quarter and for the financial year of US$0.8bn and US$2.4bn, respectively.
"As expected, increased uncertainty in financial markets linked predominantly to the war in Ukraine impacted the value of some clients' underlying portfolios, reflected by a decrease in AUME of US$2.3bn (-2.7%) from market movements over the quarter.
"Performance fees of £0.5mln were earned in the [fourth] quarter from opportunities arising from recent increases in interest rate differentials linked to changes in central banks’ monetary policies.”
Hill added demand for higher-margin revenue products continued into the current financial year with US$1bn of inflows into Dynamic Hedging, which is expected to grow to approximately US$2bn by the end of the first half.