Quilter assets slide as volatility shakes markets
Shares in wealth manager Quilter dived this morning as the FTSE 250 firm revealed its assets under management tumbled to £96.9bn in the three months to the end of September.
Quilter said that assets had fallen two per cent since the end of June after a “challenging” period over the summer as bond and equity markets were rocked by volatility.
The firm notched inflows of £0.2bn into its funds despite the volatility – a slowdown from £0.3bn inflows in the previous quarter – which it said was driven by a seasonal slowdown and market turbulence.
Outgoing Quilter chief Paul Feeney said that the firm was “well positioned” despite the volatility that has rocked the firm this year.
I am pleased that we continue to deliver positive net flows even through the quietest quarter of this unprecedented year,” he said.
“Over the last decade, my focus has been on building a modern integrated wealth manager that is strategically positioned in the largest, secular growth market in UK financial services.”
Shares in Quilter fell nearly four per cent today, after a sustained spiral this year in which its share price has fallen over 47 per cent.
The results come as Feeney prepares to hand over the reins after a decade to its platform chief Steven Levin, who has been with the investor since 1998.
Levin takes over at difficult time for the sector as wealth managers grapple with falling assets and outflows. Investors have been looking to shield their cash from the wild swings that have rocked markets in the wake of war in Ukraine and soaring inflation.
UK investors were also hit by volatility in the fallout of the government’s so-called mini-budget at the end of September.