Record’s assets under management equivalent (AUME) fell as expected to $53.3bn at 30 September 2015 from $55.4bn at 31 March 2015, predominantly as a result of a previously announced reduction in size of a bespoke currency for return mandate. Record’s core passive hedging mandates continued to experienced good inflows. Underlying profits in H116 increased by 9% y-o-y, partly boosted by revenues from the bespoke mandate. Record continues to experience a high level of client interest in its hedging strategies, and the likely imminent rise in US interest rates could transform this interest to new mandates.