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Oct 15 2019, 06:30 IST/BST
UDG Healthcare has committed c.$250m in the last three years in delivering on its strategy to build an advisory business within Ashfield. This now accounts for over 20% of group profit and we think is a real strategic differentiator that is not fully appreciated by the market. The aim of this report is to provide an overview of Ashfield Advisory’s capability set and growth outlook as well as colour on each of the individual businesses. We reiterate our ‘Outperform’ rating and £10.50 price target.