8th Aug 2018 08:14
LONDON (Alliance News) - Quilter PLC - formerly known as Old Mutual Wealth - on Wednesday reported growth in assets under management and a special dividend in its first set of results as a separately listed company.
Quilter - spun off from Old Mutual earlier this year - said assets under management & administration grew 2% over the first half of 2018 to GBP116.5 billion, largely as a result of positive net flows of GBP2.2 billion.
The UK-focused wealth manager said adjusted pretax profit of GBP110 million was up 16% from GBP95 million last year, with reported pretax profit from continuing operations up to GBP17 million from GBP5 million a year earlier.
Total revenue for the half fell to GBP857 million from GBP3.15 billion, as investment return in the period came in at GBP293 million compared to GBP2.68 billion a year prior.
Quilter declared a special interim dividend of 12.0p per share, returning the surplus GBP221 million in proceeds generated from the sale of the Single Strategy business.
As set out in its prospectus ahead of listing, Quilter will not be paying a normal interim dividend but expects to declare a final dividend for 2018 at the time of its full year results in March 2019.
Separately, Quilter said it has appointed Paul Matthews and Suresh Kana as non-executive directors effective Wednesday. Matthews has also been appointed as a non-executive director of Intrinsic Financial Services Ltd, a subsidiary of Quilter.
Matthews was formerly chief executive of UK & Europe Pensions & Savings at Standard Life. Kana is currently chairman of Imperial Holdings Ltd and Murray & Robert Holdings Ltd, both listed on the Johannesburg Stock Exchange.
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