Record inflows (again), so impressive given markets

This time last year, we wrote: “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 view has only been reinforced with Tatton’s most recent trading update covering FY25 (Apr 24 – Mar 25). It 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. But management have stated that FY25 results should be in line with market expectations. So, alt...