Wealth management group Quilter has upped its assets under management, despite the pandemic, rumblings over Brexit and a platform migration earlier this year.
The FTSE 250 company’s net inflows remained flat at £0.1billion in the three months to the end of September, but rising markets boosted total assets under management to £109.5billion from £107.4billion at the end June.
The group’s boss Paul Feeney said that third quarter flows were, as expected, ‘seasonally weaker’ than in the first half of the year.
Wealth management group Quilter has upped its assets under management, despite the pandemic, rumblings over Brexit and a platform migration earlier this year
Quilter said it now expects to complete the second large-scale migration of advisers and clients from previous owner Old Mutual’s platform by the last weekend of next month.
Feeney said: ‘Despite a more challenging market backdrop, we are pleased with the substantial year-on-year improvement in net flows.’
He added: ‘As expected, third quarter net flows were seasonally weaker than the first half of the year due to the Covid-19 induced economic slowdown, our planned platform migration in the final quarter and the re-emergence of Brexit related concerns towards the end of the quarter.’
Commenting more broadly on the company’s plans, Feeney said: ‘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.’
Shares in FTSE 250-listed Quilter are down 0.66 per cent or 0.10p to 129.15p this morning.
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