Quilter sees third quarter net inflows rise tenfold from 2020

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Quilter sees third quarter net inflows rise tenfold from 2020

Quilter has seen Q3 net inflows of £1.0bn, a tenfold increase from Q3 2020, according to its most recent trading statement.

The company reported today (3 November) that its assets under management and administration, excluding the AuMA of Quilter International, which is due to complete by year-end, had reached £108.5bn by the end of September 2021, with year-to-date net inflows reaching £3.0bn, up from £1.1bn in 2021.

Quilter said it expected its 2025 adjusted profit to be at least double the level achieved in 2020, due to a combination of reaffirming its 6% annual net flow target from 2022 onwards, while implementing a plan to reduce operating costs by about £45m by the end of 2024.

The trading statement also detailed the capital return of its £460m sale of Quilter International to Utmost, reporting that it will return £350m to shareholders while retaining the rest to fund the longer-term revenue growth initiatives.

CEO of Quilter Paul Feeney (pictured) said: "I am delighted with the significant improvement in our third quarter net flows which were up tenfold to £1 billion from £0.1 billion in 2020. Excellent growth in flows from our advisers has been coupled with a very substantial increase in flows from the IFA channel who have taken extremely well to our new platform.

"Gross flows from the IFA channel onto our UK platform were 66% year-on-year to £4.8 billion, with net flows up nearly five-fold to £1.4 billion on the comparable period."