Tatton Asset Management Share Chat (TAM)

Will be interesting to see how AUM will fare in next update after Perspective mandate loss. A number of forces driving this: a) growth of MPS as % of Financial Adviser on platform assets (growing strongly ) b) number of <20 Advisers firms (declining slowly, but steadily) and c) market investment performance (unpredictable). So key question is (ignoring c) and volatile mortgage performance) is will Tatton AUM grow quicker than it's losing AUM to consolidation? For next 3-5 years probably yes, but what happens then? They may have to a) get vertically integrated (like Quilter, difficult though as compromises independence) or b) add a platform (like AJ Bell, but that's very expensive and limited options). Third option c) is get acquired by Asset Manager (LGEN, Blackrock, Aviva) wanting scale in MPS market. For now, clear MPS winner, but medium / long term future depends on strategic trajectory.

Tatton Asset Management (AIM: TAM), the on-platform discretionary fund management and IFA support services Group, will be conducting a presentation covering its Full Year results for the year ended 31 March 2026.

The event will be hosted by Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer), and Lothar Mentel (Chief Investment Officer).

The online presentation will take place at 9.00am on Friday 19th June, and is open to all existing and potential shareholders.

Questions can be submitted during the presentation to be addressed at the end. Sign up register here: https://www.equitydevelopment.co.uk/news-and-events/tatton-am-investor-presentation-fy-results-19th-june-2026

Disappointing market reaction to what were positive results and said to be ahead of expectations.

Has given up all the gains in the run up to results.

One for the future…..they will surely want to upgrade their target AUM.

Positive update from Tatton today, despite losing the Perspective mandate, AUM still growing strongly. As Perspective was charged significantly less than 'normal' Tatton customers, the impact on revenue / EBITDA is much smaller than impact on AUM.

This shows that Tatton has truly quality earnings, despite losing a mandate, it's financial impact is close to negligible. I asked Google Gemini to project Tatton AUM for future years. Adjusting for Perspective impact, it said that based on current growth rate (ex Perspective) AUM can reach the £30b AUM target much earlier and it's conservative, set to under promise and over deliver.

Kudos to Tatton for communicating Perspective account loss well, no surprises there, bad news was shared when it occurred and put in context (Substance over Form) . This is a future FTSE250 candidate.

"AUM beats forecast again, driven by strong flows" - new research (freely accessible) here: https://www.equitydevelopment.co.uk/research/aum-beats-forecast-again-driven-by-strong-flows

Tatton’s FY26 Trading Update indicates that results will be ahead of market expectations, showing continued strategic momentum and strong underlying flows, while maintaining a confident outlook despite a more uncertain market backdrop. Net flows were strong all year, but even stronger in H2.

FY26 revenue is expected to exceed £53m, above our forecast of £51.6m, with adjusted PBT likely above £27m (versus our forecast of £26.3m).

Performance was driven by robust and accelerating underlying net inflows, with current flow rates running above our FY27 forecast, alongside continued growth in the IFA base and solid momentum within Paradigm.

We maintain our fair value of 750p/share, which may prove conservative given current momentum, but will await FY results and management commentary in June before updating forecasts.

Tatton has had a very good run. Its target AUM of £30b by 31 March 2029 is likely to be reached a lot earlier. Short term risk is global markets throwing a spanner in the works or disappointing investment performance. Longer term risk is the number of IFA firms declining through acquisition by consolidators. But, with the MPS market keeping on growing rapidly, and as a market leader, Tatton is well placed to continue to grow both revenue and EPS as it benefits from strong operational leverage.

Investor Presentation video recording - link below (if you missed the live event last week)

Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer) and Lothar Mentel (Chief Investment Officer) hosted an Investor Presentation covering Interim Results for the six months ended 30 September 2025.

Highlights included double-digit organic growth across revenue and adjusted operating profit, driven by strong levels of AUM and net inflows. The balance sheet remained strong with no debt and net cash up 6% over H1. Management took viewers through a detailed review of Financial Performance and Investment Management, and updated investors on their roadmap for growth. The team then answered a range of questions submitted by viewers.

The video has been divided into chapters, as below:

0:00:03 Introduction & Highlights

0:05:24 Financial Performance

0:12:37 Strategic Update

0:19:56 Investment Management Update

0:30:19 Questions & Answers

Link to full video: https://www.equitydevelopment.co.uk/research/tatton-am-hy-results-investor-presentation-video-24-november-2025

After its Oct 25 trading update, we knew Tatton had maintained its exceptional growth momentum; Assets-Under-Management/ Influence (AUI) were up 18% over H1-26, and net flows remained strong at £281m/ month, above Tatton’s guidance for FY26 of £200-£250m/ month. In the post-results period, AUI growth has continued, up another 5% to £27.1bn on 14 Nov 25. YTD net flows have increased from £1.68bn over H1 to £2.07bn.

With more recent peer data becoming available, we now also know H1 growth and flows were far higher than all peers. And we know H1 growth has translated to an exceptionally strong set of financial results with revenue, profits and net cash all sharply up. Compared to peers, and especially given the macro environment, it is a truly impressive performance.

The balance sheet remains strong with no debt and net cash up 6% over H1 to £34.1m (after paying the final FY25 dividend of £5.7m). An interim dividend of 12.0p is proposed (+26%; H1-25: 9.5p).

We highlight that even after fully acknowledging current macro-economic headwinds and UK budget uncertainty, management’s outlook is strong. Near-term, Tatton has “confidence in delivering results in line with market expectations”. Longer-term, Tatton has “confidence in achieving the £30 billion AUM/I target by FY29”. We note Tatton is ahead of trajectory to deliver on that goal.

Given current momentum, our FY26 forecasts probably look conservative. However, markets are volatile, and we err on the side of caution, maintaining our forecasts and fundamental value of 750p per share.

Link to research with video summary (freely accessible): https://www.equitydevelopment.co.uk/research/tam-delivers-again-profit-20-div-26-strong-outlook

Tatton Asset Management (AIM: TAM), the investment management and IFA support services Group, will be conducting a presentation covering its Interim Results for the six months ended 30 September 2025.

The event will be hosted by Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer), and Lothar Mentel (Chief Investment Officer).

The online presentation will take place at 11.30am on Monday 24th November, and is open to all existing and potential shareholders.

Questions can be submitted during the presentation to be addressed at the end.

Link to register here: https://www.equitydevelopment.co.uk/news-and-events/tatton-am-hy-results-investor-presentation-24th-november-2025

"Exceptional momentum, AUM +18% over H1-26" - new research note (freely accessible) with audio summary here: https://www.equitydevelopment.co.uk/research/exceptional-momentum-aum-18-over-h1-26

Tatton AM’s momentum shows no sign of abating. Assets Under Management/Influence (AUI) jumped 18% in H1 to a record £25.8bn; ahead of our forecast growth and well on track to meet Tatton’s medium-term target of £30bn by end-FY29 (page 3). Net flows were again very strong, adding £1.7bn to AUM (£281m/ month), with the net inflow rate far higher than peers (page 2) and above Tatton’s guidance for FY26 (£200-£250m/ month). Investment returns added £2.1bn (+9.9% over 6 months).

Assuming flat markets for the balance of FY26 (noting there is always the chance of market falls pegging back AUM), we upgrade FY26 forecasts as follows (page 4): AUM £22.4bn (previously £21.1bn - excluding c. £1.2bn AUI from 50%-owned 8AM Global); revenue: £51.6m (£50.6m); adjusted operating profit £26.3m (£25.6m); PBT: £25.0m (£24.3m).

On revised forecasts, our fundamental valuation ticks up from 735p per share to 750p.

Bullish weekly outside(high greater than previous bar and low less than previous bar) price bar enables a future forecast sp of 772. Calculation is outside price bar X 2, added to outside bar high. The sp, has broken above the bearish downtrend line from November 2024, and is in an uptrend. There is however overhead supply from previous trading volume between 700-725, which may cause resistance to equity progress, from sellers.

Sp requires to close above Japanese spinning top candlestick high of 700, of 7/7/25, to imply retracement has ended. Spinning top candlestick is a small body, close-open, in relation to a larger price range, often implying professional equity accumulation. The technical position is strong with the sp, presently above the 20 day and 20 week moving averages, which are expected to provide support to the sp. DYOR.

If you missed the live event last month, check out the full video below of Tatton AM's investor presentation webinar following the release of Full Year results:

https://www.equitydevelopment.co.uk/research/tatton-am-fy-results-investor-presentation-video-16-june-2025

*** Investor Presentation video recording (FY Results) - 16 June 2025 ***

Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer), and Lothar Mentel (Chief Investment Officer) hosted an Investor Presentation covering Full Year results for the year ended 31 March 2025.

Highlights of the numbers reported were strong, double-digit organic growth across revenue and adjusted operating profit at the top end of market consensus, driven by record levels of AUM and net inflows. Management provided a detailed review of key financial metrics, progress on their growth strategy roadmap, and an in-depth look at Investment Management performance. Finally, the team answered a range of questions submitted by investors.

The full presentation recording is available to watch and has been divided into chapters, as below:

0:00:03 Introduction & Key Highlights

0:02:42 Financial Performance

0:11:02 Strategic Update

0:19:55 Investment Management Update

0:30:08 Questions & Answers

"Strong growth drives profit +24%, dividend +19%" - new research note (freely accessible) here: https://www.equitydevelopment.co.uk/research/strong-growth-drives-profit-24-dividend-19

FY25 (to 31 Mar 25) was an exceptionally strong year which exceeded our previous forecasts. Revenue grew 23% to £45.3m (previous forecast £44.3m), adjusted operating profit 24% to £22.9m (£22.1m) and PBT 29% to £21.6m (£21.3m). Net cash was £32.1m at year-end with no debt. A final dividend of 9.5p is proposed. Full year dividend is 19.0p (yield 3.2%), +19% YOY.

Underpinning performance was sector-leading AUM growth, up 26% to £20.9bn (FY24: £16.6bn). This was in turn mostly a result of record organic net flows of £3.7bn (FY24: £2.3bn). Tatton’s net flow rate has been far higher than peers for some years now.

There are multiple market and Tatton-specific drivers which underpin prospects: savers and investors keep contributing to their investment and retirement pots; an ageing UK population demands more financial advice with more ‘adviser-led’ investments (Tatton’s channel); and advisers continue to outsource investment management to focus on financial planning and advice. Indeed, on-platform discretionary fund management FUM increased 40% last year (longer term CAGR: 28%).

With a strong outlook, we adjust our FY26 forecasts upwards, along with our valuation which ticks up from 715p per share to 735p, 20% above the current share price.

Tatton Asset Management (AIM: TAM), the investment management and IFA support services Group, will be conducting a presentation covering its Full Year results for the year ended 31 March 2025.

The event will be hosted by Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer), and Lothar Mentel (Chief Investment Officer).

The online presentation will take place at 12.00pm on Monday 16th June, and is open to all existing and potential shareholders.

Questions can be submitted during the presentation to be addressed at the end.

Register here: https://www.equitydevelopment.co.uk/news-and-events/tattonam-investor-presentation-16june2025

Record inflows (again), impressive given markets

Tatton recorded another year of record net inflows, as it did in FY24 (£3.7bn in FY25; £2.3bn in FY24) – a hugely impressive achievement given market weakness and investor nervousness, especially in calendar-2025.

Closing AUM was 2.8% above our previous forecast (£20.8bn v £20.3bn), on stronger than expected net flows. Management has stated that FY25 results should be in line with market expectations, so, although the probability is that profits may be a little ahead of our forecasts, we have not changed these at this stage. Given the degree of market and economic uncertainty, we will wait for results (June) before updating FY26 forecasts and beyond, but we flag that our net flow assumption for FY26 is +£2.0bn, which is looking conservative given current momentum.

We leave our fundamental valuation of 715p per share unchanged, which is now c20% above the current share price after recent market falls.

Read our research here: https://www.equitydevelopment.co.uk/research/record-inflows-again-so-impressive-given-markets

Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer), and Lothar Mentel (Chief Investment Officer) of Tatton Asset Management hosted an Investor Presentation covering Interim Results for the six months ended 30 September 2024.

The team covered highlights of the period, which included strong growth in revenues, adjusted operating profit and EPS, an increased dividend and a 13.3% rise in Assets Under Management/Influence to £19.9bn. Management provided a detailed overview of Financial performance and a Strategic update on their 5-year roadmap for growth. An in-depth summary of investment performance was followed by a wide-ranging Question & Answer session.

The full video has been divided into chapters, as below:

0:00:00 Introduction

0:00:17 Key Highlights

0:03:56 Financial Performance

0:13:48 Strategic Update

0:24:27 Investment Management Update

0:32:51 Questions & Answers

Link to full video: https://www.equitydevelopment.co.uk/research/tatton-am-investor-presentation-interim-results-november-2024

Latest research report from Equity Development available here: https://www.equitydevelopment.co.uk/research/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 AUI by end-FY29, an 11% CAGR.

Our previous forecasts assumed average net flows of c£150m per month. That was clearly overly-conservative. Monthly net flows actually averaged £305m over H1-25, far higher than £192m in FY24 and £150m in FY23. We upgrade forecasts assuming net flows of £200m per month for H2-25, as per Tatton guidance, reducing to c£170m per month after that (October net flows: £265m), also as guided.

This change materially increases our FY25 revenue and profit forecasts and our longer-term forecasts (see page 18). In turn, our fundamental valuation increases from 640p per share to 715p.

But with such a superior offering compared to peers in platform MPS (page 5), and structural market tailwinds (page 15), there is certainly potential for Tatton to grow faster than our current forecast and for our fundamental valuation to rise again.

Tatton Asset Management (AIM: TAM), the investment management and IFA support services Group, will be conducting a presentation covering its Interim Results for the six months ended 30 September 2024.

The event will be hosted by Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer), and Lothar Mentel (Chief Investment Officer).

The online presentation will take place at 11.30am on Wednesday 20th November, and is open to all existing and potential shareholders.

Questions can be submitted during the presentation to be addressed at the end.

Link to register: https://www.equitydevelopment.co.uk/news-and-events/tattonam-investor-presentation-20nov2024

I had an IFA suggesting that Tatton would be a good firm to entrust some assets to manage, how good are that and are the results good for their clients

Latest research report available here: https://www.equitydevelopment.co.uk/research/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, AUI totalled £19.9bn on 30 Sep 24.

With so much uncertainty around the UK budget (due 30 Oct 24), which could have implications for investors’ capital allocations and financial markets, we feel it prudent to wait a few weeks before updating forecasts, until Tatton’s interim results on 13 Nov. But we certainly see potential for a substantial upgrade if growth continues anywhere close to the current rate. Our June 24 note details our current valuation of 640p per share & Tatton’s growth opportunities in more detail.

Tatton Asset Management (AIM: TAM) ran viewers through highlights of the Full Year period to 31st March 2024, which included strong, double-digit growth across revenue and adjusted operating profit, driven by record levels of AUM and net inflows.

Management outlined their new growth target to achieve £30 billion in Assets under Influence by the end of the financial year 2029. The team also provided a detailed financial review, an in-depth summary of investment performance and answered questions from viewers.

Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer), and Lothar Mentel (Chief Investment Officer) presented from the company.

The presentation has been divided into chapters for ease of viewing, as below:

0:00:14 Key Highlights

0:04:22 Financial Performance

0:12:49 Strategic Update

0:23:36 Investment Management Update

0:34:40 Summary

0:36:19 Questions & Answers

Link to video: https://www.equitydevelopment.co.uk/research/tatton-asset-management-fyresults-investorpresentation-19june2024

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.

Link to research note: https://www.equitydevelopment.co.uk/research/fy24-forecasts-exceeded-very-strong-start-to-fy25

Tatton Asset Management (AIM: TAM), the investment management and IFA support services Group, will be conducting a presentation covering its Full Year results for the year ended 31 March 2024.

The event will be hosted by Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer), and Lothar Mentel (Chief Investment Officer).

The online presentation will take place at 1.30pm on Wednesday 19th June, and is open to all existing and potential shareholders.

Questions can be submitted during the presentation to be addressed at the end.

Link to register: https://www.equitydevelopment.co.uk/news-and-events/tattonam-investor-presentation-19june2024

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 flows of £1.4bn v £0.9bn in H1.

Forecasts increase on the jump in AUM, although Tatton has flagged that flows were elevated in H2 and unlikely to continue at quite the same level. Our fundamental value rises to 620p per share (prev. 580p). We will re-visit forecasts in June with final results and when Tatton presents an updated strategic growth target. We also flag growing trading volumes/interest in TAM shares.

New research report: https://www.equitydevelopment.co.uk/research/aum-up-30-in-fy24-record-flows-forecasts-raised

Tatton Asset Management (AIM: TAM) ran viewers through highlights of the period to 30th September which included strong net inflows and growth in revenues & profits, with adjusted operating margin hitting 50.7% - far above any comparables.

Management provided a financial review and outlined the significant growth potential going forward. With strong tailwinds they detailed the opportunities and challenges around M&A with price expectations remaining high, while highlighting their organic growth in market share. An in-depth summary of investment performance was followed by questions from viewers.

Paul Hogarth (Chief Executive Officer), Paul Edwards (Chief Financial Officer), and Lothar Mentel (Chief Investment Officer) presented from the company.

The presentation has been divided into chapters for ease of viewing:

0:00:03 Overview of Tatton AM

0:02:01 Key Highlights

0:05:20 Financial Performance

0:13:15 Strategic Update

0:27:46 Investment Management Update

0:37:45 Summary

0:37:53 Questions & Answers

Link to video: https://www.equitydevelopment.co.uk/research/tatton-asset-management-interim-results-investor-presentation-22-november-2023

And in the Tatton analyst presentation this morning, company confirms it has hit its £15bn assets under management/influence target early- in March 2021 (when AUM was £9bn) it set out to reach a £15bn target by March 2024

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%, from an already-impressive 50.1% in H1-23. These margins are far above any comparable business (see page 7).

We highlight the significant growth potential going forward (detailed on pages 9-12): Tatton is in a growing market with significant tailwinds; it has a market-leading proposition and is gaining market share; it has a huge opportunity to grow AUM even without winning new clients (by increasing average AUM per client); and it can accelerate growth through strategic partnerships and acquisitions.

Our fundamental valuation is 580p per share, 18% above the current share price. We also flag that since the end of the bull market (end of 2021), investment/wealth managers and platforms have ‘de-rated’ significantly, with the median PER of a tracked peer group declining 47% from 27.6 to 14.6. We believe there is potential for a significant sector re-rating (see page 16).

Link to report: https://www.equitydevelopment.co.uk/research/sector-leading-net-flows-double-digit-profit-growth