Over the year to 30 June 2015, total client funds under management and administration (AUMA) were up 3.3% year-on-year to £20.8bn. Within managed funds, the shift towards discretionary funds is clearly evident, while in administered funds the 9.7% growth in execution-only assets more than offset the decline in advisory dealing funds. During the last quarter, modest net inflows of £0.14bn (£0.20bn into discretionary funds) were offset by market movements (£0.42bn) so that total AUM declined 2.3%. Positive net fund flows, especially discretionary, are one of the elements, combined with less volatile markets and further efficiency measures, required for management to meet its 15% operating margin target.