Its IFA service, Paradigm, also made “good progress,” the report added, after the Consulting and Mortgage operations under the Paradigm umbrella. Membership increased in both factions, up 3.8% and 3.4%, respectively.
Overall, the firm’s chief executive officer, Paul Hogarth, said that they continued to go from “strength to strength” despite the “geo-political and financial market volatility of the past year”.
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Looking ahead to the next financial year, Hogarth said they would continue to “consolidate and build on these gains”. He added that, given the “that these are uncertain times, both from an economic and geo-political standpoint, we are well positioned to make further progress in the year ahead and better equipped than most to deal with any prevailing market headwinds”.
Indeed, if the group is to keep pace with its own ‘Roadmap to Growth’ strategy, they will need to maintain this momentum.
The Roadmap to Growth strategy was implemented last year with a three-year target of increasing AUM from £9.0bn to £15.0bn via “a combination of organic new net inflows and strategically aligned acquisitions”.
During this first year when “confidence of investors and savers was tested by national and global events” the group ended the year with its AUM at £11.3bn.
In order to “remain on track” TAM stated it would need to grow to “a minimum of £1.7bn in FY23”.
In his review Hogarth remained confident that this could be achieved.
He said: “We have continued on the path of strong growth across all our key metrics of new net inflows, AUM, revenue, profits and improved margins.
“Tatton continues to go from strength to strength, as it builds on the strong organic net inflows, which have been further enhanced by the recent acquisitions. Paradigm is also well positioned to make further progress and support the Group’s ambitions.”