Interim results are in line with our estimates and AuM is unchanged since the HY point. £250m institutional mandates are expected to be funded in the coming days. The clarity from the Autumn Statement is also expected to remove a key point of friction for flows. A further £1.5m cost efficiencies have been identified, bringing the running total to £7.5m. With a plentiful capital surplus, the board has opted to initiate a £10m share buyback alongside the interim dividend. We make no change to our earnings estimates. We reiterate our BUY/550p 12m TP (14x FY26e PER) looking post-Autumn Statement as a catalyst for flows.
