Tatton Asset Management PLC

First-pass take

Tatton Asset Management shows strong organic momentum with underlying net inflows of £2.8bn (+15.6% of opening AUM) and consistent IFA network expansion (9.7% to 1,218 firms), demonstrating inherent operating leverage in its advisory platform model. However, it is a traditional wealth management business with zero AI exposure; the Perspective contract cancellation (£3.3bn, ~15% of AUM) signals customer concentration risk; and critically, the trading update discloses no P&L, margins, or valuation metrics.