Quilter announces £1bn net inflows as wealth management ahead of reorganisation
Quilter, a British wealth management company, has today announced robust third quarter results with net inflows of £1bn, ten times that of the same period last year.
Following the quarterly results for the three months ended 30 September 2021, Quilter’s year-to-date net inflows stand at £3bn, almost triple that of £1.1bn in 2020.
Quilter’s assets under management and administration totalled £109bn at the end of September, the business reported.
The results come just ahead of the wealth management firm’s announcement of a reorganisation of the group which will see the assets and flows disclosed from two main business channels, the Quilter and the IFA channel, and two client focussed branches for ‘High Net Worth’ and ‘Affluent’ customers.
The business said it will introduce the reorganisation at an investor event taking place later today.
In a statement, chief executive officer Paul Feeney ascribed the strong results to: “Excellent growth in flows from our advisers,” combined with “a very substantial increase in flows from the IFA channel who have taken extremely well to our new platform.”
“Gross flows from the IFA channel onto our UK Platform,” he continued, “were 66% year-on-year to £4.8 billion, with net flows up nearly five-fold to £1.4 billion on the comparable period.”
Feeney said the company, formerly known as Old Mutual International, looked forward to presenting their “ambitious” targets to expand and drive efficiency at the investor event.
The company confirmed that it still plans to complete the sale, agreed in April, of its international arm to the life assurance company Utmost before the end of the year, with a view to focussing its efforts on the UK market.