Record’s FY14 results contained few surprises. As had previously been announced, AUME saw rapid growth driven by lower fee margin but stickier passive hedging products. Customer numbers were up in all product areas including increased cross sales. Looking forward, already announced mandate losses and fee reductions in dynamic hedging explain the lower starting point for our forecasts. These estimates do not incorporate significant mandate wins (or losses) but with renewed interest in return-seeking strategies and greater variance in global monetary policy there are grounds for optimism here.