Tatton maintains (massive) momentum

3Y targets... exceeded. FY24 results... impressive. FY25... what a start!

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It’s been a huge few years for Tatton. The three-year target of growing assets under management/influence (AUI*) from £9bn to £15bn by 31 Mar 24 was comfortably exceeded.

AUI closed 17% above that target on £17.6bn – a 96% gain over three years.

*Assets Under Influence includes the AUM of 50%-owned 8AM Global, around £1bn

In its FY24 results announcement Tatton presented its next medium-term target which is to grow to £30bn AUI by FY29 (31 Mar 29). This is a target of 11% compounded annual growth or 70% total growth over the five-year period. In the analyst call this morning, CEO Paul Hogarth emphasised that he certainly saw this new target as do-able without acquisitions.

Tatton also announced 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 .

FY24 itself was 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), and a tailwind from investment performance of +£1.5bn.

You can read my detailed analysis of Tatton’s results, outlook, and valuation in my Equity Development research note published this morning.

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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).

Please read TheInvestors.blog disclaimer here.