Research on Tatton Asset Management (TAM) from Equity Development
Assets Under Management / Influence (AUM/I) rose 15% over H1 to a record £28.0bn at 30 September 2026, well ahead of the trajectory required to meet the medium term target of £30bn by end FY29. Investment performance added £2.4bn and net flows added £1.0bn. Tatton Investment Management returned 8.8% versus 8.6% for the Morningstar PIMFA Private Investor Balanced Index, while the IFA base grew by 77 to 1,295. Management expect net flows of £200m to £250m per month in H2, in line with guidance. Paradigm delivered a relatively strong performance in a weak housing market, with mortgage completions up 20% year on year to £10.0bn. Forecasts are upgraded, with FY27 revenue rising to £62.6m and adjusted operating profit to £33.9m. Fair Value rises from 875p to 900p per share, more than 30% above the share price. A forward PER of 18x looks undemanding compared with peers, which supports our view that there is a gap between fundamental valuation and share price.
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