UK wealth manager Quilter (QLT) recorded a 9% rise in assets under management (AUM) to £118.7bn for the first nine months of the year, but saw net fund outflows of £500m in the three months to 30 September. Shares traded down 2.6% to 140p.
Chief executive Paul Freeney said,’ while near-term headwinds remain, this demonstrates that our clients and their advisers value Quilter's integrated advice-led model, and this continues to provide support to our revenue and operating margin outlook.’
Quilter, formerly Old Mutual Wealth Management Ltd, offers financial advice, investment platforms, multi-asset investment solutions and discretionary fund management.
The advice and wealth management business with AUM of £45.3bn saw net outflows of £400m but market movements added £4.5bn over the nine months to 30 September.
The platforms business which has £87.9bn of AUM also experienced net outflows of £1.5bn, but market movements added $8.7bn.
RETURN OF CAPITAL
The sale of Quilter Life Assurance is expected to close by the year end and will result in the group becoming a more focused advice-led wealth manager.
The gross proceeds of the sale will be £425m and the board has indicated that it ‘is minded to return a meaningful proportion of the net surplus proceeds to shareholders.’
Excluding the Life Assurance business, the company saw net inflows of £400m for the third quarter.
