16th Oct 2024 08:55
(Alliance News) - Quilter PLC on Tuesday described as "excellent" its performance in the third quarter of its financial year, but it warned that the upcoming UK Budget has introduced an "unwelcome degree of uncertainty".
The London-based wealth manager said assets under management & administration rose 15% to GBP116.2 billion as at September 30, from GBP101.4 billion a year earlier, reflecting strong net inflows, and higher market levels.
Core third-quarter net inflows surged to GBP1.51 billion, compared to GBP1 million in the same quarter a year before. For nine months to September 30, core net flows soared to GBP3.24 billion from GBP657 million.
Quilter shares advanced 8.1% to 153.34 pence in London early Wednesday. They rose 8.3% to ZAR34.95 in Johannesburg.
Chief Executive Officer Steven Levin said the company had delivered an "excellent" performance, in what was traditionally the slower summer quarter.
High net worth segment had continued to drive new business momentum which, when coupled with an easing in client withdrawals, led to significantly improved quarterly net inflows of GBP284 million, the highest level since the third quarter of 2021, Levin said.
"While we look to the future with confidence, the upcoming UK Budget has introduced an unwelcome degree of uncertainty to the market," the chief executive warned.
The new Labour government will present the budget on October 30.
"Given the importance of a stable tax and regulatory framework for individuals to plan their financial future with confidence, we believe that any meaningful changes proposed to the structure of UK pensions and savings should only be implemented after an appropriate period of industry-wide consultation," he said.
"Additionally, any changes should incorporate transitional arrangements, as has been the general practice to date. We look forward to continued engagement with the UK government in this regard," he said.
By Artwell Dlamini, Alliance News reporter
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