South African wealth management group Old Mutual said its UK businesses continued to trade in line with expectations outlined in March.
Quilter, the UK wealth and insurance division that it plans to spin off this year, reported first quarter net client cash flow continued the strong momentum seen in 2017 particularly in the advice and wealth management part of the business.
This morning (30 April) Quilter, formerly Old Mutual Wealth, reported increased net flows across all of the businesses with the exception of Quilter International and Quilter Life Assurance.
First quarter net client cash flow was £1.6bn, 14 per cent up on the comparable period in 2017.
Net client cash flow as a proportion of opening assets under management and administration, excluding single strategy and Quilter Life Assurance, on an annualised basis was 8 per cent, ahead of Quilter’s 5 per cent target.
Assets under management and administration were £111.6bn, down by 2.4 per cent in the quarter as a result of negative market movements of 3.8 per cent partially offset by positive net flows in the period of 1.4 per cent.
Quilter is expected to list on the London Stock Exchange in June.
emma.hughes@ft.com
