New mandates helped increase AUME 36% to $51.1bn in the three months to December, its highest level in over five years. These mandates were already in our estimates, although the favourable market movements ($1.4bn vs our estimate $0.3bn) and the new higher-margin $600m mandate announced earlier this week were not. Record remains in advanced discussions relating to a ‘handful’ of new higher-margin dynamic hedging mandates ranging in size from $1-10bn. In our upside scenario, we estimate AUME increments of $2bn pa in FY14 and FY15 (including the new $0.6bn mandate) increase our fair value to 49p (current price: 36.5p).