Quilter saw record quarterly platform net inflows of £1.5bn during Q3 this year, according to its results published today (16 October), while overall net inflows stood at £1.4bn.
Gross flows increased from £2.7bn in Q3 2023, to £4bn in Q3 this year, marking a 48.1% increase. Meanwhile, core net flows increased by 50% compared to the same period last year, from £1bn to £1.5bn.
In terms of productivity, gross sales per Quilter adviser in Q3 stood at an annualised £3.1m compared with £2.7m at the end of Q3 2023, marking a 14.8% increase.
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Assets under management for the business overall stood at £116.2bn as at the end of September 2024, compared with assets of £101.4bn at the end of Q3 last year. The firm said this 2% increase was the result of net inflows, as well as higher market levels. However, it added this was “partially offset by sterling appreciation”.
Steven Levin (pictured), chief executive officer of Quilter, said that in “what is traditionally the slower summer quarter”, the business achieved “an excellent performance”.
“Our High Net Worth segment has continued to drive new business momentum which, when coupled with an easing in client withdrawals, led to significantly improved quarterly net inflows of £284m, the highest level since the third quarter of 2021,” he said. “This represented 4% of opening assets on an annualised basis.
“The Affluent segment also delivered an excellent result. After a very strong first half performance from our platform, we delivered an acceleration in momentum in the third quarter which led to record quarterly net inflows of nearly £1.5bn. This represented 7% of opening assets on an annualised basis.
“In addition, WealthSelect, our market-leading MPS, continues to build on its 10-year track record of outperformance, which has seen customers trust us to manage an additional £1.4bn in new gross flows during the third quarter with a closing AUM of £17.4bn.”
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The CEO explained that, while he is looking to the future “with confidence”, the impending UK Budget later this month has introduced an “unwelcome degree of uncertainty to the market”.
“Given the importance of a stable tax and regulatory framework for individuals to plan their financial future with confidence, we believe that any meaningful changes proposed to the structure of UK pensions and savings should only be implemented after an appropriate period of industry-wide consultation,” Levin said.
“Additionally, any changes should incorporate transitional arrangements, as has been the general practice to date. We look forward to continued engagement with the UK government in this regard.”
This story was written by our sister title, Portfolio Adviser
