21st Oct 2020 08:31
(Alliance News) - Quilter PLC on Wednesday reported a "steady" third quarter with improved year-to-date net inflows despite a "more challenging market backdrop".
The FTSE 250 wealth manager said assets under management and administration at September 30 was GBP109.5 billion, up 2.0% from GBP107.4 billion as at June 30.
Gross sales for the quarter ended September 30 were down on the year prior at GBP2.7 billion, compared to GBP2.8 billion a year before.
Net inflows for the quarter were flat to the year prior at GBP400 million. Year-to-date net inflow was at GBP1.2 billion, however, swinging from a net outflow of GBP200 million a year prior.
Chief Executive Paul Feeney said: "Despite a more challenging market backdrop, we are pleased with the substantial year-on-year improvement in net flows."
"Our strategic plans are progressing well with our major migration of assets from our existing platform to our new platform confirmed with advisers and clients to complete in the last weekend in November. Our capital return programme remains on track, we continue to control costs tightly and current trading continues to be in line with our expectations," he added.
Quilter shares were down 0.4% at 128.75 pence each in London early on Wednesday morning, and down 0.4% at ZAR27.68 each in Johannesburg.
By Greg Roxburgh; [email protected]
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