Quilter inflows shoot up as platform business booms
Investors poured millions into Quilter during the last quarter, with the wealth manager bringing in £1.4bn of new business over the last three months.
All arms of the business saw elevated levels of cash being deposited into them by investors, pushing group assets under management and administration to a total of £116.2bn.
In a trading statement this morning, Quilter boss Steven Levin celebrated that in a traditionally slower summer quarter, the business had delivered “an excellent performance”.
The group’s stock price is up 5.4 per cent this morning on the news.
While Quilter has never suffered the billions being withdrawn from its coffers like many other players in the industry, new money coming in has been significantly smaller than usual over the last couple of years, occasionally dipping into the red.
Now, that trend seems to have turned, with its core business bringing in more than £1.5bn over the quarter, compared to just £1m for the same three month period last year.
In fact, every side of Quilter’s business saw strong success. In its high net worth arm, outflows in the previous quarter reversed to £284m of inflows, the highest level since 2021, thanks to a significant drop in investors pulling their money out.
Meanwhile, its affluent business beefed up its gross inflows by 50 per cent, which when combined with lower outflows, led third quarter net inflows to jump from £151m to £1.3bn.
Quilter advisers also ramped up their productivity, bringing in £3.1m per advisor in gross sales, compared to £2.7m in last year.
“In addition, WealthSelect, our market leading MPS continues to build on its 10-year track record of outperformance, which has seen customers trust us to manage an additional £1.4bn in new gross flows,” added Quilter’s Levin.
Levin also looked forward to this month’s Budget, adding that speculation around the fiscal event had “introduced an unwelcome degree of uncertainty to the market”.
“Given the importance of a stable tax and regulatory framework for individuals to plan their financial future with confidence, we believe that any meaningful changes proposed to the structure of UK pensions and savings should only be implemented after an appropriate period of industry-wide consultation,” he said.
“Additionally, any changes should incorporate transitional arrangements, as has been the general practice to date. We look forward to continued engagement with the UK Government in this regard.”