Tatton is confident in reaching the GBP30 billion AUM target through organic growth, even without Perspective's assets following contract ending. Tatton aims to move to the main market in 18 months to two years, once the market cap reaches around GBP700 million.
Cyborg Score Rationale
Double-digit organic growth has been driven across revenue and adjusted operating profit by strong levels of AUM and net inflows. Group margin increased to 51% with Tatton margin at 64%. The balance sheet remained strong with no debt and net cash up 6% over H1.
Top Insights
Net flows were very strong, adding £1.7bn to AUM (£281m/month), with the net inflow rate far higher than peers and above Tatton's guidance for FY26 (£200-£250m/month).
Loss of the Perspective relationship in January 2026 will result in a reduction of GBP3.5 billion in AUM.
Number of supporting IFA firms increased to 1,170.
Competitive landscape with over 220 MPS providers could impact market share and pricing strategies.
Named Competitors
Investment Management & IFA Support — IFA support services division with 6% revenue growth
Discretionary Fund Management — Investment management for on-platform clients with 64% margins
Recent Developments
(Nov 2025) H1 2026 results showed AUM up 18% to £25.8bn with strong net flows of £281m/month
(Nov 2025) Affirmed £30bn AUM target by FY29 despite Perspective contract loss
(Jan 2026) Perspective relationship ended, impacting AUM by £3.5bn
(Mar 2026) Stock trading at 724p, up 5.1% week-on-week with analyst consensus at 858p
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