19 October 2022

Quilter plc

Third Quarter 2022 Trading Statement

Quilter plc reports resilient gross and net flows for third quarter 2022 in a volatile market environment

Quilter plc highlights:

·      Assets under Management and Administration ("AuMA") of £96.9 billion at the end of September 2022, a decline of 2% from 30 June 2022, reflecting a challenging market backdrop over the summer with both bond and equity values declining.  Average AuMA for the third quarter of £100.1 billion, 5% lower than first half 2022 average AuMA of £105.3 billion.

·      Net inflows of £0.2 billion for Q3 (2021: £1.0 billion) versus £0.3 billion in Q2 2022, representing 1% of opening AuMA annualised (2021: 4%). The third quarter is typically a seasonally slow quarter, with this exacerbated by increasing market volatility and cost-of-living pressures, reducing gross flows.

·      Solid performance from Quilter channel with quarterly gross platform flows of £637 million (Q3 2021: £654 million) demonstrating constant Quilter adviser productivity, with adviser productivity stable at £2.2 million. Quilter channel quarterly net inflows of £430 million (Q3 2021: £469 million) reflecting moderately higher levels of redemptions.

·      We remain very focused on attracting new IFA firms to our UK platform and are making good progress despite the current market challenges.

·     Resilient performance from High Net Worth segment, with moderately lower gross flows and stable retention leading to net flows for the quarter of £222 million (Q3 2021: £329 million).

·      Steven Levin to succeed Paul Feeney as Chief Executive Officer on 1 November 2022.

Paul Feeney, Chief Executive Officer of Quilter plc, commented:

"While we are living through uncertain times, our business is well positioned to win in the UK Wealth market. I am pleased that we continue to deliver positive net flows even through the quietist quarter of this unprecedented year. The Quilter channel, in particular, has continued to deliver robust flows to our platform and the High Net Worth segment has continued to deliver a resilient performance.

"Over the last decade, my focus has been on building a modern integrated wealth manager that is strategically positioned in the largest, secular growth market in UK financial services. I am delighted to be handing on such a business to my successor, Steven, and I am confident in Quilter's potential and ability to drive growth and deliver efficiency. The strength of our advice-based model means we are well positioned to take advantage of the opportunities ahead, even in tough markets."

Quilter plc data tables for the three months ended 30 September 2022 (£bn) - unaudited

Quilter plc data tables for the nine months ended 30 September 2022 (£bn) - unaudited

Enquiries

Investor Relations:

Etienne Burger                                       +44 (0)20 7002 5436

Media:

Tim Skelton-Smith                                 +44 (0)7824 145 076

Camarco: 

Geoffrey Pelham-Lane                          +44 (0)20 3757 4985

Company Secretary:

Clare Barrett                                           +44 (0)20 7002 7072             

About Quilter plc

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow. Quilter plc oversees £96.9 billion in customer investments (as at 30 September 2022).

It has an adviser and customer offering spanning: financial advice, investment platforms, multi-asset investment solutions, and discretionary fund management.

The business is comprised of two segments: Affluent and High Net Worth.

Affluent encompasses the financial planning businesses, Quilter Financial Planning, the Quilter Investment Platform and Quilter Investors, the multi-asset investment solutions business.

High Net Worth includes the discretionary fund management business, Quilter Cheviot, together with Quilter Private Client Advisers.

Disclaimer

This announcement may contain certain forward-looking statements with respect to certain Quilter plc's plans and its current goals and expectations relating to its future financial condition, performance and results. 

By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Quilter plc's control including amongst other things, international and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Quilter plc and its affiliates operate. As a result, Quilter plc's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Quilter plc's forward-looking statements.

Quilter plc undertakes no obligation to update the forward-looking statements contained in this announcement or any other forward-looking statements it may make. Nothing in this announcement should be construed as a profit forecast.

Quilter plc data tables for the three months ended 30 September 2021 (£bn) - unaudited

Quilter plc data tables for the nine months ended 30 September 2021 (£bn) - unaudited