26th Jan 2021 12:03
(Alliance News) - Quilter PLC on Tuesday reported an increase in assets under management in 2020 as net inflows soared.
The London-based wealth management company said assets under management were up 6.7% to GBP117.8 billion, or about ZAR2.46 trillion, from GBP110.4 billion a year prior.
Total gross sales for 2020 were down 11% to GBP10.9 billion from GBP12.3 billion, while net inflows were up over 100% to GBP1.6 billion from GBP300 million.
Chief Executive Paul Feeney said: "2020 was a year of unprecedented challenges in so many respects and one of extraordinary market volatility. It is in challenging times like these that our advice-based model comes to the fore and this is reflected through the higher levels of client retention experienced in 2020, at 92% versus 88% in 2019."
Net inflows slumped in the final quarter of 2020 however, down 20% year-on-year to GBP400 million from GBP500 million, while gross sales also fell 20% to GBP2.8 billion from GBP3.5 billion a year prior.
Quilter shares up 3.2% at ZAR32.76 each in Johannesburg on Tuesday, and were up 2.9% at 157.20 each in London.
By Greg Roxburgh; [email protected]
Copyright 2021 Alliance News Limited. All Rights Reserved.
Related Shares:
Quilter