Investing in service enhancements

Record’s Q4 update showed a modest reduction in AUME, but FX rate moves and an adjustment in fee structure for passive hedging prompt a marked estimate reduction for FY19. Over time, performance fees could mean the apparent shortfall will be at least made good, while the changes should aid client retention and help win new mandates. Neither performance fees nor unannounced net AUME flows are included in our estimates.

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