Chief executive to step back at Record

The currency manager Record reported a 38 per cent fall in full-year pre-tax profits following a steep drop in performance fees as clients left and its absolute return products struggled.

The figures came alongside news that the chairman and chief executive, Neil Record, would relinquish the executive role from next year.

Pre-tax profits for the year to March fell to £16.7m. During the year, client numbers at Record fell by 28 to 93. "Last year saw a significant growth in clients seeking to minimise their exposure to currency risk offset by a decline in clients seeking to make a return from currency exposure," Mr Record said. That trend saw growth in the firm's active hedging business, while its more lucrative funds saw outflows that the chief executive expects to continue.

Performance fee income slumped to £200,000 from £1.4m a year ago. Management fee income fell to £33.2m from £45.6m the previous year.