Power Steering Fluid
 

I have lifted my Volvo 7.4Gi out of my Z275 to do some upgrades over the winter.
These include new exhaust manifolds & risere, new alternator, new water pump and several other service items.

I have noticed that the fluid in the power steering pump (on the engine) and the trim pump (on the boat) is a milky red colour which dosen't look like it should.

Does anyone know what this is caused by? Do I need to replace the fluid only or is there likely to be other problems?

Many thanks.