Quilter platform sales hit £1bn

Quilter platform sales hit £1bn

Quilter’s platform saw record flows in the first quarter of 2021, with a gross sales figure of £2.2bn.

The platform, which Quilter has recently finished replatforming, achieved a 29 per cent increase in gross sales, as net inflows reached £1bn.

Quilter’s assets under management stood at £119.9bn at the end of March 2021, a 26 per cent increase year-on-year.

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Paul Feeney, chief executive of Quilter said performance had been led by the investment platform.

He said: “I have often described our platform as the beating heart of our business and the opportunity it provides as being transformative for Quilter. It is therefore particularly pleasing to see a meaningful pick-up in the rate of platform sales."

Quilter as a whole saw inflows more than double, standing at £1.2bn, compared with 2020’s figure of £500m.

Gross sales were £3.8bn, an increase of 15 per cent over the same period.

Quilter Cheviot’s flows doubled to £200m from £100m in 2020, which the statement said showed “better retention and stable gross sales”.

Net and gross inflows were “stable” at Quilter investors and there was “consistent overall performance” from Quilter International.

The sale of Quilter International for approximately £483m was announced earlier this month.

Feeney added: “I am also pleased to see the improvement in net flows in Quilter Cheviot supported by improved retention, as well as broad stability in flows at Quilter Investors and Quilter International.

“With Quilter Investors having delivered a much improved one-year investment performance in the period to end March 2021, we are anticipating this, combined with well-established long-term performance, will drive an increase in gross flows in the coming months.

“Finally, we have been pleased with shareholder feedback and market reaction to the proposed sale of Quilter International."

He said Quilter expected to receive shareholder approval for the sale at a general meeting in June.