18th Oct 2023 09:21
(Alliance News) - Quilter PLC on Wednesday reported that net inflows fell sharply on an annual basis in the third quarter of 2023, while its assets under management and administration remained flat.
The London-based wealth manager said assets under management and administration were at GBP101.4 billion as at September 30, essentially unchanged from EUR101.7 billion as at June 30.
This flat AuMA reflected in part "steady" markets and the usual summer seasonal slowdown in activity.
For the third quarter that edged September 30, non-core business net outflows were GBP119 million, which were consistent with the quarterly run-rate in the first half after adjusting for the one-off fund closures of GBP200 million in the second quarter.
Core business net inflows in the third quarter plunged to GBP1 million, from GBP324 million in the corresponding quarter in 2022.
Quilter Chief Executive Steven Levin said he was "pleased" to have delivered steady AuMA in the company's seasonally slowest quarter in what remains a challenging market for new business.
"The Quilter channel continues to drive strong net flows in both our affluent and high net worth segments," Levin said.
He said the wealth manager will give an update on improvement in Platform net flows and the progress on its broader strategic plans at our full-year financial results in March 2024.
In London, shares in Quilter were down 0.9% at 83.35 pence on Wednesday morning. They fell by 1.5% to ZAR19.05 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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