FY24 forecasts exceeded, very strong start to FY25
It has been a huge few years for Tatton. The three-year growth target of moving from £9bn AUM on 31 Mar 21 to £15bn Assets Under Influence (AUI) by 31 Mar 24 was comfortably exceeded, with AUI closing 17% above target at £17.6bn – a 96% gain over three years.Yet FY24 was without doubt the most impressive. AUM jumped +30% over the year purely from organic growth, with net flows of +£2.3bn (record net inflows for Tatton and a net flow rate far higher than all peers - page 4), and a tailwind from investment performance of +£1.5bn.
Tatton has exceeded our previous forecasts for FY24. It has set an ambitious new 5-year plan to reach £30bn AUI by end-FY29. And it has had an exceptionally strong start to FY25, with net inflows of £0.9bn in Q1-25 up to 14 Jun (matching the total inflows of H1-24), bringing AUI to £18.6bn.
We therefore increase our FY25 forecasts as detailed below, as well as our fundamental valuation which rises from 620p to 640p per share.
Tatton Asset Management is engaged in providing a range of services to the Financial Conduct Authority ("FCA") directly authorized financial adviser ("DA IFA") marketplace encompassing discretionary fund management, regulatory and compliance services and mortgage services. Co.'s discretionary portfolio management ("DFM") service operates on ten United Kingdom adviser WRAP platforms and can be integrated into the growing number of adviser WRAP platforms in the market. Co. provides support services to independent financial advisors ("IFA"s), enabling DA IFA firms to provide compliant and effective investment portfolio management for their platform based clients.
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