Record's assets under management drop amid market volatility

The three-month period ended 31 December ended with assets under management equivalent of $57.8bn, down 6.5% from the end of the prior quarter, while client numbers dropped by one to 65 across the same period.

Assets under management were affected by volatility in global stock markets, which had a $2bn impact, while currency exchange rate movements impacted it to the tune of $0.9bn.

Meanwhile, the AIM-traded company’s performance fees remained flat at $1.3m and it anticipates that a commercial relationship representing two clients and $1.7bn of assets under management equivalent is expected to terminate imminently.

James Wood-Collins, chief executive of Record, said: "We continue to see a range of new business opportunities across products and client locations, balanced against competition and fee pressure. 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."

Record’s shares were down 9.48% at 28.65p at 1250 GMT.