Tatton has posted a strong set of interim results. The 21% yoy growth in adj. operating profit is a reflection of the impressive AuM growth in H1, with net inflows complemented by positive performance. This trend has continued into H2 with +5% in the first 6 weeks of H2. The investment thesis remains unchanged: compelling medium term structural growth tailwinds as well as growth embedded in the >1,100 IFAs already using Tatton’s MPS. We leave our forecasts unch at this stage, having made some upgrades only last month. We reiterate our BUY/1000p 12m TP, underpinned by a strong growth trajectory and exceptional 50%+ operating margin.
