Growing pipeline of potential US mandates

Record is reducing the average fees it will charge both new and existing dynamic hedging clients, to compete effectively for new business in the large US market and maintain its policy of charging similar fees for similar mandates. Fees and profits on existing business will be lower, but Record is hopeful this can be more than offset by new mandate wins in a reasonably short time period. Our new forecasts reflect the impact on existing business and will only include new business when announced.

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