Tatton Asset Management exceeds FY23 forecasts, strong start to FY24

Differentiated offering in a market sweet-spot (on-platform Model Portfolio Services growth rate: around 25% p.a.) to fuel continued strong growth?

Tatton Asset Management’s share price has done little since releasing its FY23 results yesterday. I think that’s surprising given the strength of the results and the current momentum the business has.

In my latest Equity Development research note, I dig into the results and delve into how Tatton’s recent performance stacks up against peers (spoiler: very well!).

Here’s the link to the note … Forecasts exceeded in FY23, strong start to FY24

And a teaser …

“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 median of 4% (FY22: 6%). Tatton’s ability to attract and retain assets has been far above peers for some time now. It has clearly designed, and is delivering, an outstanding proposition to clients.”

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Disclosure: At the time of writing, Paul Bryant covered Tatton Asset Management as an analyst on behalf of Equity Development Limited. Read Equity Development’s research on Tatton Asset Management here. (Please read this link for the terms and conditions of reading Equity Development’s research).