Quilter AUM falls 2% amid ‘challenging market’

Quilter AUM falls 2% amid ‘challenging market’

Quilter has reported its assets under management and administration fell 2 per cent in the third quarter. 

At the end of September 2022, AUMA stood at £96.9bn, a drop from £98.7bn on June 30, 2022.

Quilter said the results reflected “a challenging market backdrop” over the summer with both bond and equity values declining.  

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Net inflows were at £0.2bn for Q3, compared to £1bn during the same period last year. This was also down from £0.3bn in Q2 2022.

The firm said the third quarter is typically a seasonally slow quarter, with this exacerbated by increasing market volatility and cost-of-living pressures, reducing gross flows.

Outgoing Quilter chief executive officer Paul Feeney, said: “While we are living through uncertain times, our business is well positioned to win in the UK wealth market. I am pleased that we continue to deliver positive net flows even through the quietest quarter of this unprecedented year.” 

Elsewhere, Quilter reported gross platform flows of £637mn, down from £654mn in Q3 2021.

Quilter said this demonstrated “constant Quilter adviser productivity”, with adviser productivity stable at £2.2mn. 

Quilter channel reported quarterly net inflows of £430mn, a change from £469mn in Q3 2021 which the firm said reflected “moderately higher levels of redemptions.”

Feeney said: “The Quilter channel, in particular, has continued to deliver robust flows to our platform and the high net Worth segment has continued to deliver a resilient performance.

“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.”

Earlier this month, Quilter announced Feeney would be stepping down from his role at the end of this month after heading up the business for 10 years.

He will hand over to platform boss Steven Levin from the beginning of next month.

Feeney said: “I am delighted to be handing on such a business to my successor, Steven, and I am confident in Quilter’s potential and ability to drive growth and deliver efficiency. 

“The strength of our advice-based model means we are well positioned to take advantage of the opportunities ahead, even in tough markets.”


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