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Tatton Asset Management PLC on Wednesday reported a strong rise in assets under management, with its Verbatim acquisition buoying impressive net inflows.
Shares in the asset manager were 0.9% lower in London on Wednesday morning at 413.90 pence.
At the end of March, Tatton recorded £11.34 billion assets under management, rising from £8.99 billion at the same point the year prior.
Net inflows totalled £1.28 billion, improved from £755 million the year before. Market & investment performance added £424 million to total AUM, while the acquisition of Verbatim contributed a further £650 million.
‘I am delighted to report on yet another successful year for the group, as we continue to execute our stated strategy and deliver strong organic and acquisitive growth for financial 2022,’ Chief Executive Paul Hogarth said.
‘The geo-political and financial market volatility of the past year has highlighted that both our divisions are resilient and robust businesses with an attractive outlook as they continue to benefit from a consistent and sustainable business platform.’
It declared a final dividend of 8.5 pence, up 13% on the 7.5p distributed the year prior, and resulted in a 14% rise in total dividend to 12.5p from 11.0p.
The other half of Tatton's business, its IFA support services unit, saw mortgages completions grow by 16% to £13.15 billion from £11.34 billion.
Tatton's IFA firms increased by 12% to 746, with the number of accounts up 24% to 89,780.
As a result, group pretax profit rose to £11.3 million from £7.3 million, with revenue up to £29.4 million from £23.4 million.
Looking ahead, Tatton believes it is ‘well positioned’ to continue to grow.
‘We are clear at this point that, while we are immersed in a period of economic and geopolitical uncertainty, we need to remain focused on our strategic path and, notwithstanding the unpredictability of the current economic outlook, we anticipate that in doing so we will continue to make progress and deliver further value for our shareholders,’ Chair Roger Cornick added.
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