Strong Cash GenerationConsistent conversion of income into cash and substantial free cash flow growth provide durable funding for dividends, buybacks, tech/AI investment and M&A. This reduces reliance on external financing and supports capital allocation through market cycles over months to years.
Low Leverage, Solid Balance SheetMinimal leverage and a strong cash buffer give the firm financial flexibility to absorb client outflows, invest in growth initiatives, and pursue strategic transactions without stressing solvency, supporting stable operations and shareholder returns over the medium term.
Material AUM Growth And Strategic DealA 19% AUM increase driven by GBP 4.3bn net inflows, including a GBP 1.9bn contribution from the Sanlam U.K. transaction, boosts fee-bearing scale and distribution reach. Higher AUM provides a structural headwind against fee compression by increasing recurring management fees.