Quilter advised assets take inflows to £1.5bn

Feeney-Paul-Skandia-2013Quilter has seen a 38 per cent increase in total net flows from its financial planning business in the first quarter of the year, but warns of continued market uncertainties.

In March, Old Mutual Wealth Management officially changed its name to Quilter ahead of plans to list and separate from Old Mutual.

The wealth manager, which is in the process of separating from Old Mutual, reported net inflows of £1.5bn for the first three months of 2018, an increase of £500m compared to the same period a year ago.

The largest inflows came from its financial planning channel which brought in £1.1bn in the first quarter compared to £0.8bn in the same period in 2017.

The single strategy business also generated net flows of £1.4bn during the quarter.

However, assets under management and advice slightly declined by 2.4 per cent for the quarter to £111.6bn as a result of negative market movements.

This was offset in part by an increase of 1.4 per cent in net flows for the quarter, the company says. The FTSE 100 fell 8.2 per cent over the same period.

Quilter chief executive Paul Feeney anticipates continued uncertainties in equity, bond and currency markets in the coming months due to Brexit and other global political risks. He says the business outlook remains positive.

Feeney says the firm has made “good progress” in getting the regulatory approvals for the sale of this business, which is expected to happen in the second half of 2018.

Feeney says: “We are delighted that the formal process of listing Quilter on the London and Johannesburg stock exchanges has now commenced and we continue to be excited by the opportunities ahead for us beyond our planned listing in June.”

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