Quilter has reported 1Q net client cash flows of £500,000, in a performance the wealth manager described as "resilient in the context of challenging market conditions."
The figure, which excludes Quilter Life Assurance, comes following a particularly strong 1Q2018. This year's opening quarter represented 2% of opening assets under management on an annualised basis and reflects the impact that the uncertain UK political environment continues to have on discretionary investor sentiment.
Notwithstanding the challenging flow environment, the rebound in equity markets and strong investment performance have supported overall assets under management which stood at £114.9bn at the end of the first quarter ( a rise of 5.1% from 31 December 2018).
This was ahead of the previous year (£111.6bn) and in line with the average for 2018 (£114.7bn).
The figures were released as the company prepares to complete its acquisiton of UK-based Lighthouse Group. The final acquisitoin is pending shareholder and FCA approval, and is expected by the end of June.
Paul Feeney, CEO of Quilter, commented: "As indicated at our full year results, net client cash flows have continued to be affected by the challenging markets. However, we continue to be encouraged by the resilience of integrated flows which have remained robust during this period, and the high level of customer asset retention across our businesses which was broadly stable on 2018 at 89%.
Feeney added, "While near-term headwinds remain, this demonstrates that our clients and their advisers value Quilter's integrated advice-led model, and continues to be supportive of our operating margin and revenue outlook."
"To support our continued strategic progress, we were delighted to announce the recommended cash offer for Lighthouse Group. The Scheme document was posted to their shareholders earlier this week and we look forward to their advisers joining the Quilter family, and helping to secure our position as the best place to go for trusted financial advice in the UK."