reports
- 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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PCFT POLAR CAPITAL GLOBAL FINANCIALS TRUST
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- Robin Savage
Audio Note: Tatton Asset Management – Outstanding Interims
In this audio note, Zeus’ Robin Savage summarises the investment case for Tatton Asset Management. Tatton is delivering strong organic growth, despite bear market conditions. In the 6 months to 30 September 2022 TAM attracted £907m of net inflows, and grew group revenue 15.1%, EPS by 12.9% and DPS by 12.5%. Listen to the audio note below, and read the full research here.
- Paul Bryant
Best-in-class growth in very difficult markets
In our 18 October note, we stated how impressed we were with Tatton’s strong net inflows during H1-23 (to 30 Sep 22), an extremely testing economic period. These totalled +£907m (H1-22: £652m), an annualised rate of 16% of opening AUM, just offsetting a negative investment performance of -£905m (-8.0% of opening AUM compared to the MSCI PIMFA Private Investor Balanced Index fall of -9.6%), leaving AUM at £11.3bn (£12.3 bn including c£1.0bn of ‘assets under influence’ from the acquisition of 50% ...
- Robin Savage
- Paul Bryant
Exceptionally strong half-year of net inflows
Even in more ‘normal’ economic times, Tatton’s net inflows over H1-23 (to 30 Sep 22) would have been impressive. But given the weak economic and market environments, it is an exceptional performance. Net inflows totalled £907m (annualised rate of 16% of opening AUM), averaging £150m per month. This is a sharp increase (+39%) over H1-22 which saw £652m of net inflows (annualised rate of 14.5% of opening AUM), averaging £100m per month. Falls in financial markets, however, offset most of these A...
- Robin Savage
Zeus Audio Note: Tatton Asset Management - 8AM Global Completion
In this audio note, Zeus’ Robin Savage summarises the investment case for Tatton Asset Management. Tatton has completed its acquisition of 50% interest in 8AM Global Limited “8AM” for total consideration of £7.0m, with an option to acquire the remaining 50% in due course. Listen to the audio note (/exclusives/7426110639/) and read the full research here: /zeus-research-portal/#/portal/zeus-capital/research/bb45c7b3-b9ce-4204-be18-01723083a963 Listen to all episodes of the Zeus Research team A...
- Paul Bryant
Stake in 8AM acquired, net inflows solid
Tatton has now concluded the acquisition of 50% of 8AM and has an option to acquire the remaining 50% of 8AM in due course.The deal looks a solid strategic fit. It adds c. £0.8bn of ‘assets under influence’, with 8AM running a range of Model Portfolio Services and funds which are complementary to Tatton’s and provide existing IFA clients with an extended product range. Tatton also gains the benefit of a broader financial adviser base. It is expected to be earnings enhancing from FY23 onwards. ...
- Paul Bryant
Stake in 8AM acquired, net inflows solid
Tatton has now concluded the acquisition of 50% of 8AM Global Limited (8AM) for a total consideration of £7.0m (£3.5m payable now, funded through the issue of new shares, plus two performance-linked cash payments after 12m & 24m). Tatton has an option to acquire the remaining 50% of 8AM in due course. The deal looks a solid strategic fit. It adds c. £0.8bn of ‘assets under influence’, with 8AM running a range of Model Portfolio Services and funds which are complementary to Tatton’s and provide ...
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