If you’re a publicly-listed financial services co looking for analyst coverage targeting private investors and smaller funds, let’s talk (my coverage is available through Equity Development).If you’re an investment fund (small-cap quoted, PE, VCT, EIS) or an acquisitive company looking for research to support an investment or acquisition – let’s talk .

My sector specialities: asset & wealth management; insurance (carriers, brokers, MGAs & insurtech); and fintech (e.g. p2p lending, crowdfunding, robo-investing). Links to some of my work below.



Analyst report: Trading update 07/04/20.

Impressive AUM inflows despite market rout. Clients of Impax continued to show their confidence in the face of a collapse in equity markets, with £1.1bn of net inflows during the recent quarter and, impressively, £6m during March. This bodes well strategically. Read the full report here.



Analyst report: Full-year results 30/09/19.

Foundations laid for further growth. In October 2019, Impax reported impressive AUM growth … now, with the release of its annual results, we see how that growth has underpinned a rock-solid financial performance.” Read the full report here.



Analyst report: Strategic overview, Oct 19.

AUM impresses, ESG stars continue to align. Impax closed FY19 managing £15.1bn of assets, 20% up on the year and beating our forecast of £14bn. Longer-term, we think the business remains well placed for strong revenue growth, capitalising on a global structural shift towards ESG investing, and even stronger profit growth because of operational leverage. Read the full report here.



Analyst report: Trading Update 21/04/20

Inflows remain strong despite market crash: Tatton Asset Management continued to attract new client assets through the recent market turmoil: a notable achievement at a time when many investors flocked to cash and fled equity and even some bond funds at the fastest pace in decades … …. Read the full report here.



Analyst report: Half-year results 30/09/19.

Growth, profitability, opportunity. Tatton, the UK’s largest provider of on-platform discretionary fund management services to IFAs, has released its interim results for the six months to 30 September 2019 and showed successful delivery against nearly all key metrics. We believe the prospects to rapidly scale up AUM and boost profits because of the (already proven) opportunity for operational leverage justify a fair value of …. Read the full report here.



Analyst report: Initiation note, Oct 19.

Scale-up train on track. Tatton’s trading statement for the half-year ending 30 September 2019 confirmed continued momentum in AUM growth. The group’s first acquisition since its 2017 listing has also been announced. We see significant opportunity for the asset management side of the business to scale quickly and be the primary driver of strong future earnings growth as operational leverage kicks in. Read the full report here.



Sector research report (26 pages).

P2P lending platforms in the UK, Scale ≠ Silver Bullet – A candid analysis of expectations, competition and prospects for profitability (Please email to request a copy).