Organic growth train rumbles on with inflows +40%
FY23 AUM closed on £12.7bn (on 31 Mar 23), +12% y-o-y on a like-for-like basis (31 Mar 22: £11.3bn), and well ahead of our previous forecast of £12.2bn. Adding 8AM Global’s assets brings Assets Under Influence up to £13.8bn (Tatton acquired 50% of 8AM in Aug 22).But most impressively, the bulk of growth came from exceptionally strong net flows of +£1.8bn (16% of opening AUM and +40% y-o-y), with momentum through the year (H1: +£907m; H2: +£887m). Tatton’s ability to attract and retain assets has been far above peers in recent years. It clearly has a strong strategic positioning and is gaining market share.
Our FY23 rev. forecast rises to £31.1m from £30.6m (FY24: £35.0m from £34.0m) and our FY23 adj. operating profit to £15.8m from £15.1m (FY24: £17.9m from £17.8m). We also highlight that Tatton is ahead of its medium-term growth plan. Our core value rises from 500p to 560p 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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