After a period of muted progress, in early 2020 Record adopted a new strategy with an emphasis on growth. Since then, work on new product development, diversification and management succession has progressed. The existing strengths of the business have been sustained, underpinning H221 net inflows of $10bn, mainly from a new dynamic hedging mandate, and the group ended the year with assets under management equivalent (AUME) at a new high of $80.1bn. Against this backdrop, the group continues to modernise by investing in its staff, IT systems and new products. FY22 is set to see much fuller benefits of these changes.