Tatton Asset Management
Exchange: AIM www.tattonassetmanagement.com

Tatton Asset Management was founded in 2007 and provides three services to smaller, UK-based Independent Financial Advisers: discretionary asset management; regulatory and compliance consulting and outsourcing; and mortgage and protection insurance aggregation. 

Strong organic growth triggers fair value increase

Tatton CTA Oct 21

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AUM reached £10.8bn on 30 Sep 21, an increase of 20% in H1 (31 Mar 21: £9.0bn) and up 38% y-o-y (30 Sep 20: £7.8bn). We knew the acquisition of Verbatim funds had boosted H1 AUM by £650m, but net inflows were also stronger than expected, at £652m (99% up on H1 21: £328m).

Average monthly net inflows have recovered strongly since the Feb-Mar 20 Covid crash (when net inflows dipped across the asset management sector), doubling from £55m (six months to 30 Sep 20) to £109m (six months to Sep 21). Tatton has in fact been one of the top performers in the sector when it comes to net inflows, and we see further potential for inflows to accelerate, especially as the new Fintel distribution deal (announced in Sep 21) - which provides access to an additional 3,800 intermediary firms - gathers momentum.

On the back of higher-than-expected total AUM and net inflows, the potential to further boost inflows through the new Fintel distribution deal, and the value-enhancing price paid for the Verbatim funds, we revise our core value from 410p per share to 560p per share. Our revenue forecast for FY 22 increases from £26.3m to £28.1m and adjusted operating profit forecast from £12.8m to £13.7m. 


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