AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights:
- Strong Inflows: Quilter saw core net inflows of £1.5 billion, primarily from high-net-worth clients and its Affluent segment.
- Asset Growth: Assets under administration rose 2% to £116.2 billion by the end of September.
- Budget Caution: CEO Steven Levin urged caution regarding possible tax changes in the upcoming UK Budget, advocating for a stable tax framework.
Quilter PLC (LSE:QLT) announced a notable rise in net inflows during the latest quarter, particularly driven by high-net-worth (HNW) clients, marking the best performance in three years for this typically quieter period. The wealth manager reported core net inflows of £1.5 billion, primarily from clients with assets over £1 million and its Affluent arm’s new platform.
Strong Inflows and Asset Growth
By the end of September, Quilter's assets under administration rose 2%, reaching £116.2 billion. The company attributed this growth to increased business from HNW clients and reduced client withdrawals, leading to improved net inflows of £284 million in its High Net Worth segment—the highest since the third quarter of 2021.
CEO's Optimistic Outlook
Steven Levin, chief executive, praised the company's performance, emphasizing the contribution of both the High Net Worth and Affluent segments in driving business momentum. The company's new platform in the Affluent segment also accelerated growth during the third quarter, following a strong first-half performance.
Cautious Approach to Budget Changes
However, Levin expressed caution regarding potential tax changes in the upcoming UK Budget, emphasizing the need for a stable tax and regulatory framework for long-term financial planning. He urged that any significant changes to UK pensions and savings should involve thorough industry consultation.
Quilter's shares jumped 10% to 155.3p following the announcement.
