Quilter has announced February dates for the full integration of its platform business and the official roll out of the Old Mutual International business re-brand.
On February 17, 2020 in the UK and the rest of the world (February 16, 2020 in the United Arab Emirates), Old Mutual International will be officially re-branded as Quilter International. Less than a week later, the company revealed - as part of its fourth quarter business announcement - that Quilter's 'Platform Transformation Programme' will see initial migration of assets onto the new UK platform, planned for the weekend of 22/23 February 2020, with notice given to advisers and customers involved.
The move, which CEO Paul Feeney admitted in his remarks had "subdued" net flows into the platform side of the business, will come as a welcome relief to advisers and customers that use the company's award-winning system.
Quilter announced assets under management and administration ("AuMA") of £110.4bn at year-end (+13% from 31 December 2018) with growth supported by what it called positive market movements.
Quilter Cheviot continued to generate year-on-year gross sales momentum, totalling £0.7bn in the fourth quarter (Q4 2018:
£0.6bn). Although the company said that the business experienced net outflows of £0.8bn for the year, reflecting the impact of the previously announced departures of some investment managers, the declining trend in outflows led to a net neutral NCCF out-turn in the fourth quarter.
Paul Feeney, pictured left, CEO of Quilter plc, said: "2019 was a good year for market performance but a challenging year for net client flows. We were pleased to finish the year in a positive position. Net inflows of £0.3bn for the year represented a sharp turnaround from the net outflow of £0.2bn for the nine months to end-September.
"Looking across our businesses, the integration of our advice acquisitions is progressing well and both Lighthouse and Charles Derby, which this week re-branded to Quilter Financial Advisers, are well positioned to contribute to net flows in 2020.
"Quilter Cheviot delivered consistently strong gross sales throughout 2019. The outflow associated from the investment managers who departed in mid-2018 declined to £0.3bn in the fourth quarter from £0.6bn in the third quarter. Our International business, where new business mandates can be sizeable but inherently more irregular, ended the year well with an annual increase of 67% in NCCF.
"Net flows into the UK platform remain subdued ahead of migrating advisers and customers onto our new platform this year. This, in turn, led to more modest flows into Quilter Investors. We are pleased that the initial migration of customers onto our new platform is currently planned for the weekend of 22/23 February 2020.
Feeney dubbed the new UK platform "transformational" for Quilter and said that advisers and clients who are involved in this process have been notified.
"It has taken time to get to this point and we are excited about the ability to drive further business growth once we have fully migrated onto the new platform by the end of this summer," he added.