Gottex Fund Management, the Geneva-listed fund of hedge funds manager, said assets in its funds dropped by 1.9% to $15.7bn during the first quarter thanks to performance problems and adverse currency moves. Record Currency Management, a foreign-exchange specialist that floated in London last year, was also beset by the same misfortunes.

Both asset managers' share prices have declined about 53% so far this year - Gottex's to Sfr32 and Record's to 74.6p.