Currency manager, Record, has reported $1 billion in net outflows in the fourth quarter of 2010, Reuters reports. The outflows were offset by exchange rate movements and positive global markets that boosted assets by $1 billion.
The company’s assets under management in the fourth quarter to March 31, 2011, were $31.4 billion, as compared to $34 billion posted in the fourth quarter of 2009. In March, Record had warned profits for its next financial year would be affected by a fee cut negotiated by a major client.
Click here for the story from Reuters.