Hannam & Partners

H&P Financial Services Weekly - Deals are back! Major US Investment Banking revenues +40% yoy. We analyse results from Premier Miton, Integrafin, Brooks Macdonald and AJ Bell, also... Wealth management IntegraFin Holdings: Q3’24 trading update and board changes Brooks Macdonald: Q4 FUM and Trading Update AJ Bell: Q3 trading update Tavistock Investments: Confirms the accuracy of prior statements. Mattioli Woods: Update on NS&I Act condition and timetable Aegon: Accelerating development of their platforms. Significant investment. Söderberg & Partners: Acquired minority stakes in three more advice firms Skerritts: Acquired London-based IFA Black Swan Financial Planning Canaccord Genuity WM: Lorraine Armstrong to lead North East region. Smart Pension: in “active discussions” to buy more rivals Asset management Impax AM: Investment advisory agreement with BNP Paribas AM Impax AM: Closed acquisition of Absalon Corporate Credit  Premier Miton: Quarterly AuM Q3’24 Premier Miton: Launched managed portfolio service Liontrust Asset Management: Appointment of new Chair Ashmore Group: Quarterly AuM. -3.9% net outflows in the quarter. Ninety One: Quarterly AuM Polar Capital: Quarterly AuM. +2.9% net inflows in the quarter, driven by Emerging Markets and Asian Stars funds. Banking Vanquis Banking Group: update ahead of H1’24. Writedowns and restatements. Other financials Wise: Q1’25 results ICG: Q1’25 trading statement  TruFin: Satago announces that Lloyds Bank has stopped using it. We note CEO James van den Bergh buying more stock following the ensuing price fall. TruFin: Satago Financial Solutions contract win with a UK Specialist Lender Fintel: Acquires Rayner Spencer Mills Research Limited Distribution Finance Capital: increases its ENABLE Guarantee to £350m Close Brothers: Oaktree said to be in talks to buy CBAM Salary Finance: Salary Finance and Oakbrook may merge WH Ireland: completed sale of Capital Markets Division to Zeus Capital Cavendish Financial: FY24 results “we look forward to returning to a profitable year as the merger synergies are fully realised and with that the compensation ratio returning to normal levels” Litigation Capital Management: FY24 Trading Update PensionBee Group:  Announces Launch in the United States https://lnkd.in/egECfCWC

Hannam & Partners Financial Services Weekly – The incoming Labour Govt have ticked a few important boxes: first, a decent working majority; second, financial markets are largely unmoved (cable, FTSE, and gilts all steady) – on the face of it our new Chancellor looks and sounds as though she will demand fiscal discipline whilst promoting a pro-growth agenda (which of course she needs to do): and last, UK business leaders seem genuinely open to her economic rhetoric. But it is of course early days and her fiscal channel is narrow – that’s to say unless economic growth comes to the rescue she will face some difficult choices indeed. And there is also the bigger need for her leader and party to establish a clear political mandate from a historically low share of the vote. This is surely easier said than done. UK wealth management assets have now had a +9-10% following wind from rising markets this year, of which 1.4pp has come since the end of June. Relative share price performance has been good YTD, with Tatton, Integrafin and AJB soaring, in part catalysed by the bids for Mattioli Woods and Hargreaves Lansdown. The asset managers have had a tougher time as outflows have continued, with all the equity managers underperforming. We note below that outflows seem now to have reduced a little, as we saw in the Calastone data a couple of weeks back. This week we take a look at news from Impax AM and Liontrust AM, we dwell on Plus500’s H1 results, and what we believe the market is yet to price, and then take a peek at Argentex, the FX business which has been most unequal to Equals Group and to Alpha Group. https://lnkd.in/eH6CV2e9

H&P's Future Copper Giants Seminar - presentation playback available We would like to extend our thanks to both our speakers and attendees for their contributions to our recent investor seminar focusing on the copper industry. The full slide deck is available at the link below; additionally, within the pdf on slide 6 , you will find links to the recordings of each speaker’s presentation: https://lnkd.in/eBvgDzDM Roger Bell #futurecoppergiants #copper #investment #mining #miningexploration #energytransition Filo Corp. Los Andes Copper Ltd. Project Blue Arras Minerals Corporation Power Nickel Lifezone Metals

Hannam & Partners Financial Services Weekly – we [1] reckon Rachel Reeves is unlikely to do anything in the short term that will rattle markets [2] look at recent market performance and asset volatility [3] see better UK fund flows [4] share the lang cat’s excellent, unmissable, Advice Gap report [5] analyse Revolut’s 2023 numbers and then update you with… Mattioli Woods FCA confirmation Söderberg & Partners additional private equity investment Mercia Asset Management FY23 results M&G New iNED BlackRock acquires Preqin UBS CH and CS CH now merged Arbuthnot Banking Group New iNED Funding Circle Holdings sale of US business completed Revolut FY23 results Sancus Lending Group FY23 results Fintel completion of acquisition of Threesixty JTC acquisition of Hanway Advisory Limited Record plc FY24 results  Equals Group H1’24 trading update Distribution Finance Capital Holdings H1 Trading update. Peel Hunt  AGM Trading Update. https://lnkd.in/eWKu99if

H&P Financial Services Weekly - We look at Revolut’s astonishing growth, with half a thought to what that might mean for CMC following their deal. We also distil the main messages of Lancaster Investment Management’s letter to the Chair of Hargreaves Lansdown, and ask if the valuation argument is persuasive. We focus on results from TEAM plc, Polar Capital and Liontrust. News also from Kingswood Holdings FY23 results Aegon investing in adviser platform Brooks Macdonald CEO retires. Benchmark New 50bps advice firm started. Tavistock Investments Statement re press speculation Schroders Schroder Investment Solutions hits £6bn AUM AssetCo H1 results- will rebrand and spin off Parmenion Foresight Group Holdings FY results HSBC German fund administration and custody units for sale Augmentum Fintech FY results TruFin Playstack Platform Contract Orchard Funding Group Trading Update Funding Circle agreement for the sale of US business Time Finance Trading update for YE 31 May’24 Manolete Partners ranked by Chambers in Band 1 for Litigation Funding, for the fourth year IG Group rebrands US brokerage and platform technology. Alpha Group International joined the FTSE 250. Share buyback £20m. Fintel acquires threesixty. Phew. https://lnkd.in/eKiNjYw8

H&P Financial Services Weekly - 21 June 2024. With UK and US markets up again, UK investors' assets need another 3.5-4% mark-to-market since the end of Q1. Performance of UK wealth management business has been strong, in part driven by the bids for, or acquisitions of, Hargreaves Lansdown, Mattioli Woods, and Alpha Financial Markets, and yet there are laggards. We look at HL, thinking there is maybe a little more to go, then at Tatton's continuing growth, and we show how estimates are underestimating the leverage here. As for CMC Markets, what would you pay for a small company that just became the leveraged trading platform for Revolut? https://lnkd.in/gCJiDHrK

H&P Financial Services Weekly 14.6.24 - EU markets down, US up, such that UK wealth management assets still need a +ve Q2 mark-to-market. Timeline's 9bp passive MPS added £3.3bn last year 🚀 . Wise tells the market margins will be flat, falls 12%, now down 27% since the start of April . Starling Group growing customers at 18%, deposits only 4%. Molten Ventures top performer of the week as it continues to close the huge discount to NAV, now +51% YTD. Also: PensionBee AuA now >  £5bn, customers > 250k St. James's Place CFO goes. TEAM raised £500k. Foresight Group commitments of €300m for next fund. M&G Deleveraging actions of up to £450m. Starling Group FY. Tandem Bank FY23 - lending balances up to £1.37bn. Virgin Money UK H1’24. Metro Bank Cristina Alba Ochoa, interim CFO, to the board until new CFO joins. Wise FY24 results. Peel Hunt FY23 results. B.P. Marsh & Partners FY. JTC Kate Beauchamp resigns as INED, now Group Head of Institutional Client Services. LendInvest Penny Judd leaves. Maeve Byrne replaces as INED. Ascot Lloyd appoints Gary Stirrup as new CCO. Alpha FMC requests extension for suitor Bridgepoint Advisers. https://lnkd.in/efq8GX3W

Markets up! UK beating (almost) all comers (over a cherrypicked recent period). Taxes likely to rise, so think pensions, probably. Ninety One consensus expects a magical return to net inflows, despite only 46% of their funds outperforming -1Y 🤞. Kingswood is now a special sit. worth a look at its £7m free float. ALSO: St James’s Place leaves FTSE100. Kingswood pref’s convert. WH Ireland selling capital markets division to Zeus. Tavistock CH goes non-exec. CGWM buys Cantab Asset Management, with help from H&P 💪 . FNZlosses grow. Evelyn plans to win more business from advisers. Waverton’s adviser arm has a new boss, ex Brooks Macdonald. Ninety One FY results bring a dividend cut. Jupiter updates on successor to Whitmore. Mercia AM cuts an investment. Paragon’s H1 sees 14% UK profit growth. Arbuthnot special dividend of 20p takes yield to 4.2%. NatWest share purchase from HMT takes stake from 26% to 22.5%. UBS/ CS merger completes. Monzo makes it into profit. Mortgage Advice Bureau issues equity to buy the last part of a previous acquisition. Ramsdens H1 shows PBT +8% yoy. Burford Capital joining Russell 2000 👏 . Lendinvestcloses funding facility. Alpha Financial Markets extends bid deadline. Panmure Liberum > 24 jobs to go following the merger 😬 . Argentex license in Australia. https://lnkd.in/eSTPaSSW

H&P Financial Services Weekly 22.5.24 - Wealth management asset mark to market running +3% QTD. Close Brothers down on customer repayments. Integrafin +10% on a H1 beat driven by interest on cash in treasury❓. abrdn cuts platform fees, Plus: WHIreland, Timeline, Close Brothers, Arbuthnot, Orchard Funding, Secure Trust Bank, Mortgage Advice Bureau, TruFin, Fintel, Burford, and Nu Holdings.... https://lnkd.in/eG2W4A2y

H&P has initiated coverage of New Stratus Energy (TSXV: NSE). NSE is a LatAm-focused oil and gas company with assets and ambitions in countries that are perceived as difficult to operate in. It is listed on the Canadian TSX Ventures exchange, where it has been recognised as a 2024 Top 50 Company. It has a management team that is highly experienced in the region, with strong relationships (“know-who”) allowing it to gain access to lucrative assets, and significant technical knowledge (“know-how”) to operate the assets and enhance production. It has an ambitious target to grow to 250kboe/d of production, largely by partnering with national oil companies to develop underexploited assets. LatAm is resource-rich, with a huge amount of oil and gas already discovered and requiring capital for development. There is low competition for assets and high returns available to companies that can navigate the complexities of politics, regulations and tax structures. To date, NSE has acquired producing fields in Venezuela and Mexico, which have both reserve growth potential and the scope to increase production to multiple times the current levels. These deals have entailed a low upfront acquisition cost (unusual for producing assets) and have been structured to limit capital exposure and provide a quick payback. NSE is also evaluating opportunities in Guyana, Peru, Argentina, Trinidad and Colombia.   Access our full report here: https://lnkd.in/dCH6gPu6 Anish Kapadia #newstratusenergy #nse #venezuela #mexico #oilandgas #pdvsa #pemex #ops #goldpillar #vencupet #soledad #soledadnorte #ecuador #latam #argentina #guyana #colombia #peru #trinidad