Quilter PLC said on Wednesday it recorded its ‘strongest’ performance of 2024 in the fourth quarter, with core net inflows and assets under management & administration rising despite UK budget uncertainty.

The London-based wealth manager reported assets under management & administration of £119.4 billion as at December 31, up 12% from £106.7 billion a year prior.

AuMA were up 2.7% from £116.2 billion in the third quarter ended September 30, reflecting net inflows, broadly neutral markets and a positive contribution from sterling weakness.

Quilter shares were up 3.3% to 163.90 pence in London Wednesday. They rose 6.0% to R 37.60 in Johannesburg.

For the fourth quarter, net inflows in the core business surged to £1.96 billion, up sharply from £175 million a year before. The final quarter was Quilter’s ‘strongest of the year’, it said.

Quarter-on-quarter, core net inflows rose 30% from £1.51 billion in the third quarter of 2024, significantly ahead of the first half 2024 quarterly run-rate.

The fourth-quarter total net inflows were £208 million, compared to net outflows of £76 million in the fourth quarter a year before, despite the UK budget-related turmoil and uncertainty. The budget was delivered late in October.

For 2024, core net inflows were £5.2 billion, up from £832 million in 2023. Gross inflows amounted to £16.04 billion, up 44% compared to £11.17 billion.

‘Our business generated very strong inflows in 2024, as the strategic initiatives we have put in place over the last few years have delivered results,’ Quilter Chief Executive Officer Steven Levin said.

‘Most importantly, our performance accelerated over the course of the year with each quarter incrementally stronger than the immediate prior quarter,’ Levin said.

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