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Quilter plc reports continued strong net client cash flow

30 April 2018

Quilter plc (£ billion)

Q1 2018 YTD

Q1 2017 YTD

% Change

Net client cash flow (NCCF)*

1.6

1.4

14%

Net client cash flow (NCCF), excluding Quilter Life Assurance*

2.0

1.5

33%

Gross sales**

4.4

4.2

5%

Total integrated net flows**

1.5

1.0

50%

Of which Quilter Financial Planing & Private Client Advisers generated

1.1

0.8

38%

 

31 March 2018

31 December 2017

 

Assets under Management/Administration (AuMA)***

111.6

114.4

(2)%


* Excludes Single Strategy NCCF of 1.4 billion Q1 2018 YTD (Q1 2017 YTD: 1.3 billion)
** Excludes Single Strategy
*** Excludes Single Strategy AuM of 27.5 billion at 31 March 2018 (31 December 2017 YTD: 26.9 billion)

Paul Feeney, CEO of Quilter plc, commented:

“First quarter net client cash flow (NCCF) has continued the strong momentum seen in 2017, particularly in our Advice & Wealth Management Segment. We have experienced increased net flows across all our businesses with the exception of Quilter International, which has had a slow start to the year following a very strong final quarter in 2017, and Quilter Life Assurance. 

NCCF of £1.6 billion (excluding Single Strategy) was 14% ahead of the comparable period in 2017. NCCF of £2.0 billion (excluding Single Strategy and Quilter Life Assurance) was £0.5 billion or 33% ahead of the comparable period in 2017. NCCF as a proportion of opening assets under management and administration (AuMA) (excluding Single Strategy and Quilter Life Assurance) on an annualised basis was 8%, ahead of our 5% target.

Generating and growing integrated flows is a key focus as these demonstrate the strength and value of our multi-channel business model. It is particularly pleasing that these grew by 50% to £1.5 billion in Q1 compared to 2017.

AuMA of £111.6 billion declined by 2.4% in the quarter as a result of negative market movements of 3.8% partially offset by positive net flows in the period of 1.4%. This compares to a decrease of 8.2% in the FTSE 100 over the same period, demonstrating the relative resilience of our business model and good investment performance during a time of market volatility. The outlook for our business remains positive and current trading remains in line with expectations.

While there has been some recovery in market levels so far in the second quarter, we anticipate continued uncertainties in equity, bond and currency markets in the medium term as any potential impacts of the UK’s exit from the EU evolve and given geopolitical and economic risks.

The Single Strategy Business generated NCCF of £1.4 billion during the quarter (excluded from the table above). Good progress is being made with regard to obtaining the necessary regulatory approvals for the sale of this business, and we continue to expect completion in the second half of 2018.

We are delighted that the formal process of listing Quilter plc 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.”

Selected additional data for Q1 2018 year to date:

Business unit descriptor:

Previous

New

Intrinsic

Quilter Financial Planning

Old Mutual Wealth Private Client Advisers

Quilter Private Client Advisers

UK Platform

Quilter Wealth Solutions

International

Quilter International

Heritage

Quilter Life Assurance

Enquiries

Investor Relations

John-Paul Crutchley
+44 20 7002 7016

Media enquiries

Quilter

Vee Montebello
+44 20 7778 9550

Camarco

Geoffrey Pelham-Lane
+44 20 3757 4985

Aprio (South Africa)

Julian Gwillim
+27 11 880 0037

Notes to editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.1 billion in customer investments (as at 30 September 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

  • The Multi-asset business is now Quilter Investors
  • Intrinsic to Quilter Financial Planning
  • The private client advisers business is now Quilter Private Client Advisers
  • The UK Platform to Quilter Wealth Solutions
  • The International business to Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name

 

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.