Assets under management rose 35% year-on-year to £19.95bn for investment manager and IFA support firm Tatton Asset Management for the six-month period ended 30 September.

The rise in assets was partially driven by a continued increase in the number of IFAs using the group.

Tatton’s IFA firms increased 6.5% to 1,038 (March 2024: 975), with the number of accounts increasing by an annualised 10% to 139,330.

Organic net inflows rose to £1.83bn (September 2023: £0.91bn), with an average run rate of £305m per month.

Group revenue increased 24% to £21.66m (September 2023: £17.5m), with adjusted operating profit rising 23% to £10.89m (September 2023: £8.87m).

Paul Hogarth, CEO of Tatton Asset Management, said the firm’s Model Portfolio Service proposition continues to be a strategic growth driver.

He added that the firm is well positioned for long term organic growth.

He said: “Macro and geopolitical uncertainty remains; however, I am confident that Tatton’s strong foundations will support our continued consistent growth. While our net inflows in this period have been exceptional, we expect them to return to more normal levels of c.£200m per month as we move into the second half of the year.”

The half also saw Tatton launch a new range of passive funds, following demand from its IFA clients.

Assets under management rose 26.9% to £17.6bn for Tatton for the year ended 31 March, as the firm reported a 12% year-on-year increase in the number of IFA firms using the group.

The firm had set itself a three-year ‘Roadmap to Growth’ strategy which had a target of £15bn in assets under management by 31 March 2024.

Having surpassed this figure, the investment manager set itself a new growth target in March of £30bn in assets under management by the end of its 2029 financial year.

Mr Hogarth said that Tatton remains on target to hit this growth target by March 2029.

Current assets under management are £20.6bn, with year to date net inflows of £2.22bn.

Tatton also announced an interim dividend of 9.5p (September 2023: 8.0p).