19th Oct 2022 09:14
(Alliance News) - Quilter PLC said on Wednesday net inflows and assets under management declined in the third quarter, reflecting a challenging market backdrop with both bond and equity values falling.
The London-based wealth manager recorded an 11% decrease in assets under management & administration to GBP96.9 billion at the end of September, from GBP108.5 billion in the same quarter last year.
This, it said, mirrored a challenging market backdrop over the summer with both bond and equity values declining.
In the third quarter, net inflow dropped sharply to GBP236 million from GBP1.02 billion a year ago. The third quarter is typically a seasonally slow quarter, with this exacerbated by increasing market volatility and cost-of-living pressures, reducing gross flows.
Over this period, gross flow slumped to GBP2.38 billion from GBP3.25 billion, while gross platform flows eased to GBP637 million from GBP654 million.
Quilter channel quarterly net inflows generated from Quilter advisers slipped to GBP430 million from GBP469 million, reflecting moderately higher levels of redemptions.
The company also confirmed that Steven Levin will succeed Paul Feeney as chief executive officer on November 1.
"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," Feeney said.
Quilter shares were down 3.1% to 90.32 pence early Wednesday in London. They were lower 2.5% in Johannesburg at ZAR18.63.
By Artwell Dlamini; [email protected]
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