AuM/NuM grew by 3% in Q1 (4% incl. inbound mandates) with £1.1bn net inflows and flat investment performance. Positive flows returned in Equity Solutions after outflows in H2’18. Markets have been uncertain, but we expect this to drive demand in Fiduciary Management and Derivative Solutions, albeit Equity Solutions may be more volatile. We update our model but this prompts no change to earnings. We reiterate our BUY and 355p 12m target price (18x management fee EPS blended with a yield valuation).
