Record PLC on Friday said that plans for diversification are progressing well, despite seeing assets under management decline in the second quarter.

For the three months ended September 30, the currency and derivatives manager said assets under management equivalents fell to $84.5 million, from $86.4 million at the end of June.

Dynamic hedging assets under management fell 5.2% to $14.5 billion from $15.3 billion in the first quarter, while passive hedging assets fell 1.8% to $60.5 billion from $61.6 billion.

Record added that performance fees over the period - its second financial quarter - were £1.0 million, putting total performance fees for the financial year-to-date at £1.5 million.

Average fee rates, the firm said, remained ‘broadly unchanged from the previous quarter’.

‘In our currency hedging business, our focus continues to be on providing the highest levels of service and proactivity to our clients to reinforce both the longstanding relationships built over many years and the trust they continue to place in Record as their solutions-led currency hedging manager,’ said Chief Executive Leslie Hill.

Hill added: ‘Our plans for diversification through our asset management and digital asset businesses continue to progress well, albeit in places more gradually than initially envisaged, and I look forward to giving more detail on our strategic progress at our forthcoming half-year results in November.’

Record will announce its half-year results on November 17, and its third quarter trading update on January 26.

Record shares were trading 4.1% lower at 70.00 pence each in London on Friday morning.

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