Record has issued a trading update for the fourth quarter of its fiscal year that ended 31 March 2014. Full-year results will be published on 17 June. Modest fund inflows and relatively stable fee margins in Q4 lead us to confirm our FY14 estimates. A changing mix of AUME at year-end, as well as the previously announced dynamic hedging mandate loss, feed through into a lower FY15 forecast (c 13% lower PBT). Our forward estimates continue to include no new business wins, an assumption that could easily be conservative given increased levels of interest in currency management strategies among potential clients and their consultants.