Tatton Asset Management, the on-platform discretionary fund management (DFM) and support services business for IFAs, has today issued its interim results for the six-month period ended 30 September.

The firm revealed assets under management had leapt 22.8% from £5.7bn in 2018 to £7bn.

Profits before tax increased from £3.08m to £3.61m and the firm revealed it had net cash of £9.2m.

The firm also highlighted a number of operational considerations, including:
 
• Acquired Sinfonia Asset Management Limited, five Funds with AUM of £135m for a consideration of up to £2.7m

• Tatton Investment Management (Tatton) increased its number of firms to 522 (2018: 405) and number of accounts to 61,250 (2018: 53,500)

• Strong start to Tenet Partnership since June announcement – 40 new firms and £24.5m of AUM

• Paradigm Mortgages Services, the group’s mortgage and protection distribution business, performed strongly, with gross lending via its channels during the period of £4.8bn (2018: £4.0bn), an increase of 20.0% and with 1,466 mortgage firms using its services (2018: 1,290)

• Amalgamation of Consulting and Mortgages creating a simplified IFA support services business, allowing the group to better meet the needs of IFAs through an integrated approach
 
Paul Hogarth, chief executive, said: “It is particularly pleasing to have reached the important milestone of £7bn of AUM with monthly net flows continuing to perform well from both existing and new IFAs despite an uncertain and volatile market.

“We have also reorganised our IFA support services businesses under the existing Paradigm brand but with one simplified operational and management structure from which we expect to see improved efficiencies and opportunities in the future.

“While we are mindful of the current political and macro-economic factors, the group continues to trade in line with the board’s full year expectations and the board remains optimistic regarding the prospects of the group.”