Quilter plc, the new name for Old Mutual Wealth, has reported £900m of “integrated flows” for the third quarter, £800m of which was driven by advisers at the former Intrinsic and Old Mutual Wealth Private Client Advisers brands.
The businesses, now named Quilter Financial Planning and Private Client Advisers, have now accounted for £3bn of the £3.7bn in total net flows to the group since the start of the the year.
Quilter Investors has seen £2.3bn in net inflows for the year until 30 September.
Its UK platform, Quilter Wealth Solutions, meanwhile saw £6.1bn inflows but due to outflows of £3.4bn resulted in net flows of £2.7bn.
The overall group saw steady growth in assets under management and administration to £118bn, it says, “despite mixed global market performance”.
AUA as at 31 December last year stood at £114bn
Quilter chief executive Paul Feeney says the flows into the business demonstrates the “benefit of having both a substantial adviser workforce and an open channel” supporting its 4,000 advisers.
He says: “We remain confident in the long term prospects for our business model.
“Over the last quarter more volatile investment markets and geopolitical uncertainty have contributed to weaker investor sentiment resulting in a market-wide reduction in net retail flows. Year-to-date flows across the market are down 55 per cent on the comparable period according to the Investment Association.
“Against this backdrop, I am pleased to report continued solid performance…in the third quarter, marginally ahead of the second quarter.”
He adds that the firm is seeing a more cautious approach to defined benefit pension transfers from advisers using the platform, down from £600m in the third quarter of 2017 to £300m for the same period in 2018.