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Quilter's platform rebrand a 'success' as inflows rise 136%

Quilter's platform rebrand a 'success' as inflows rise 136%

Quilter has hailed its platform rebranding as a success after reporting a steep rise in net inflows.

Inflows into the Quilter Investment Platform rose 136 per cent to £3.5bn in the year to December 2021, according to the firm’s fourth quarter trading update to the stock exchange today (January 26).

The flows represented 6 per cent of opening assets under administration for the firm, up from 3 per cent at the same time in 2020.

Chief executive Paul Feeney said he was “delighted” with how the new platform has been received by advisers and customers.

"2021...was also a year which highlighted the strength of our advice-based model, which delivered consistent flows of around £1bn a quarter into our business during 2021 and we expect momentum to continue to improve in 2022," he said.

“I expect this momentum to build as we begin to encourage new IFA firms to start using our new platform given the wider range of products we can offer and assets we can now hold.”

The platform had seen outflows before it was rebranded to Quilter from Old Mutual Wealth after the two firms separated and Old Mutual listed on the London stock exchange.

The firm finished its final migration to its new platform in February last year, with Jeremy Mugridge, head of UK proposition marketing, saying the launch provided a “great opportunity” to broaden the platform’s appeal.

Feeney added he was delighted to welcome Marcus Brookes, who will take up the post of chief investment officer of Quilter Investors in the second quarter.

“Marcus brings great experience and insight in creating multi-asset solutions that meet client expectations, which will underpin the next phase of Quilter Investors' growth,” he said.

Elsewhere in the group, the discretionary investment management business, Quilter Cheviot, saw fourth quarter net inflows of £282m, up from £17m in the same period in 2020.

Feeney added that the rebalancing of the firm’s MPS portfolio had contributed to a “drag” in net inflows to Quilter Investors, but the launch of a “repositioned wealth select range” later this year should remove the potential headwind.

Defined benefit to defined contribution transfers in the fourth quarter dropped from £177m in 2020 to £144m and in the year from £862m to £581m respectively.

Last November, the firm re-structured its group into a high net worth focused arm and one catering to affluent individuals.

The £27.6bn HNW is run by Andy McGlone, chief executive of Quilter Cheviot, and focuses heavily on the group's DFM services, whereas the £80.9bn affluent arm is made up of three businesses, Quilter Financial Planning, the Quilter platform and Quilter Investments.

sally.hickey@ft.com