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Quilter Q3 results 'steady', net flows 'substantially' higher

By Iain Gilbert

Date: Wednesday 21 Oct 2020

Quilter Q3 results 'steady', net flows 'substantially' higher

(Sharecast News) - Wealth management firm Quilter reported a somewhat steady third quarter on Wednesday, with substantially improved net flows.
Quilter said it had £109.5bn worth of assets under management and administration as of 30 September with year-to-date net inflows of £1.2bn, compared to £200.0m in outflows during the same quarter a year earlier

Third-quarter gross sales remained broadly flat at £2.7bn.

The FTSE 250-listed firm highlighted that its investment platform transformation project was on track, with around 80% of platform assets set to be migrated by the end of the year.

Quilter also pointed out that its capital return programme was still going strong, with around £130.0m of its planned £375.0m share buyback completed as of 16 October.

Chief executive Paul Feeney said: "Despite a more challenging market backdrop, we are pleased with the substantial year-on-year improvement in net flows.

"Our strategic plans are progressing well with our major migration of assets from our existing platform to our new platform confirmed with advisers and clients to complete in the last weekend in November. Our capital return programme remains on track, we continue to control costs tightly and current trading continues to be in line with our expectations."

As of 0830 BST, Quilter shares were down 0.23% at 128.95p.

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