reports
- Paul Bryant
H1 revenue +24%, profit +23%, forecasts upgraded
AUM jumped 14% over H1-25 (to 30 Sep 24) from £16.6bn to £18.9bn. Net inflows added £1,832m (22% p.a. inflow rate, far higher than all peers, see page 4), and investment returns £534m (3.2% over 6m). Including 50%-owned 8AM Global, Assets-Under-Management/Influence totalled £19.9bn. In the six weeks post-results, AUM/AUI increased another 4% to £20.6bn in early-Nov. This is an exceptionally strong start to the next leg of Tatton’s growth journey. In June ‘24 it set a target of reaching £30bn AU...
- Robin Savage
Tatton Asset Management (TAM LN) - Net inflows drive upgrades - Corpor...
Tatton’s interim results confirm the beneficial impacts of its record net inflows (£305m per month), which have driven up Assets under Management (AUM), revenue, profits and cash. The Board has increased the interim DPS by 18.8% to 9.5p. We now raise our forecast AUM, revenue, profit, cashflow, EPS and DPS for both the year to March 2025 and 2026.
- Paul Bryant
Bumper H1-25, AUM up 14% driven by inflows
Tatton has recorded an exceptionally strong start to the next leg of its growth journey: in June ’24 it set a target of reaching £30bn of Assets-Under-Management or Influence (AUI) by end-FY29, an 11% CAGR. But H1-25 (to 30 Sep 24) saw AUM jump 14% in just six months from £16.6bn to £18.9bn. Net inflows contributed £1,832m (22% p.a. inflow rate), and investment returns £534m (3.2% over 6m), in line with the MSCI PIMFA Private Investors Balanced Index. Including the AUM of 50%-owned 8AM Global, A...
- Robin Savage
Tatton Asset Management (TAM LN)
For the past six months, net inflows to Tatton Asset Management have averaged £305m per month (up 59% yoy); total net inflows were £1,832m being 11% of opening AUM (i.e. 22.1% annualised). Tatton’s trading update also revealed the number of IFA firms on Tatton grew 6.5% to 1,038 and Paradigm, the group’s IFA support services business “delivered a resilient performance”. We will update our forecasts, once interim results have been published (13 November).
Hybridan Small Cap Feast - 18 June 2024
18th June 2024 * A corporate client of Hybridan LLP ** Arranged by type of listing and date of announcement *** Alphabetically arranged **** Potential means Intention to Float (ITF) has been announced, or it is a rumour Dish of the day Admissions: Advanced Oxygen Therapy Inc (AOTI.L) The medical technology group with a proprietary therapy for the reduction in hospitalisations and amputations caused by non-healing wounds, particularly diabetic foot ulcers, announces its first day of trading on th...
- Paul Bryant
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...
- Robin Savage
- Paul Bryant
AUM up 30% in FY24, record flows, forecasts raised
AUM jumped £3.8bn or +30% in FY24, reaching £16.6bn on 31 Mar 24, 12% above our previous forecast of £14.7bn. Including 50%-owned 8AM Global, Assets Under Influence hit £17.6bn. Investment performance provided a tailwind, adding £1.5bn to AUM. But our key takeaway from Tatton’s hugely impressive last few years, is that it has designed and implemented a superior offering in platform-MPS with net flows consistently far higher than peers. That leadership looks even more pronounced in H2-24 with net...
- Robin Savage
Tatton Asset Management: 1 director
A director at Tatton Asset Management sold 200,000 shares at 561p and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
- Robin Savage
- Paul Bryant
Sector-leading net flows, double-digit profit growth
AUM grew 8% over H1-24 (to 30 Sep 23) from £12.7bn to £13.7bn. Net inflows totalled +£910m (7% of opening AUM), an inflow rate far above most peers, with some experiencing substantial outflows (see page 2). Investment performance contributed +£100m to AUM. Encouragingly, Tatton reports that the level of net inflows of H1 has continued into H2. Revenue was up 10% y-o-y from £15.9m in H1-23 to £17.5m; adjusted operating profit (AOP) increased 11% from £8.0m to £8.9m; and AOP margin hit 50.7%, fro...
- Paul Bryant
Growth rate head-and-shoulders above peers (again)
AUM grew 8% over H1-24 (to 30 Sep 23) from £12.7bn to £13.7bn. Net inflows totalled £910m (7% of opening AUM), showing remarkable strength and consistency (H1-23: £907m, H2-23: £887m). This is even more impressive given the difficult economic and market environment which has hurt the growth of most sector peers, with some experiencing substantial outflows. Market and investment performance contributed £100m to AUM over the half-year. ‘Assets under influence’ (AUI), which includes the AUM of 8AM...
- Robin Savage
- Paul Bryant
Forecasts exceeded in FY23, strong start to FY24
In FY23, Tatton (once again) grew much faster than peers. AUM was up 12% y-o-y excluding acquisitions (peer group median: 0%) to £12.7bn on 31 Mar 23 (31 Mar 22: £11.3bn). Assets Under Influence (AUI) reached £13.8bn (including 8AM Global: 50% stake acquired in Aug 22). In just over two months post year-end, AUI has grown another 3% to £14.3bn. The bulk of growth in FY23 came from exceptionally strong net flows of +£1.8bn (FY22: +£1.3bn); 16% of opening AUM (FY22: 14%) compared to a peer group ...
- Robin Savage
Tatton Asset Management (TAM LN) - TAM 2023 results
Full year results prompt us to raise our forecasts for years to March 2024 and 2025: we increase our revenue expectations by 2.6% and 6.9% to £35.3m and £39.6m; after investment in its distribution, we increase our adj EPS expectations by 4.0% and 8.2%, and our DPS forecast by 3.4% and 6.4% to 15.0p and 16.5p.
- Robin Savage
Audio Note: Tatton Asset Management - Consistent in tough markets
In this audio note, Zeus’ Robin Savage summarises the investment case for Tatton Asset Management. Tatton’s year end trading update reveals: “record organic net inflows of 15.8% in a challenging environment have contributed to a strong performance in FY23”. Listen to the audio note below, and read the full research here.
- Paul Bryant
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...
- Robin Savage
Tatton Asset Management (TAM LN) - Consistent in tough markets
Tatton’s year end trading update reveals: “record organic net inflows of 15.8% in a challenging environment have contributed to a strong performance in FY23”. Full year results will be “in line with consensus market expectations”. Highlights are: • Assets under management (“AUM+AUI") increased by 22.3% to £13.9 bn (2022: £11.3 bn)
- Jason Streets
Hardman & Co Insight - Asset managers had a poor 2022
Asset managers had a poor 2022: the S&P Composite 1500 Asset Management Index was down 22% and, according to the Investment Company Institute (ICI), worldwide mutual funds fell by 20%, from $76tr to $60tr. When bond and equity markets fall, the results are unlikely to be pretty: with revenues trending down and multiples contracting, there is a double whammy to contend with. So how do valuations shape up now, after a bullish start to the new year? The first chart is my favourite chart of asset m...
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