Record Currency Management, the specialist foreign-exchange manager, lost 19 of its 76 clients between the end of June and the end of September, as investors lost patience with underperformance in its active currency funds. The other part of its business - currency hedging - has held up well, however.

Record, which looks after a total $30.8bn, has two main lines of business. One is currency hedging, which means immunising a client's investment portfolio against movements in currencies, so that a UK investor can hold US stocks without suffering (or benefiting from) movements in the sterling-dollar exchange rate.