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Quilter plc reports solid NCCF for Q3

24 October 2018

Highlights

  • Third quarter Net Client Cash Flow (NCCF) of £1.1 billion, excluding Quilter Life Assurance, was marginally ahead of the second quarter but below the high level achieved in Q3 2017, when market activity was significantly more buoyant.
  • Year to date NCCF of £4.1 billion, represents 5% of opening Assets under Management and Administration (AuMA) on an annualised basis.
  • Steady growth in AuMA to £118.1 billion despite mixed global market performance (up 3% year to date and up 1.4% from 30 June 2018 despite a decline of 1.7% in the FTSE 100 Index during the third quarter)
  • £0.9 billion of integrated flows delivered during the quarter (of which £0.8 billion was from Quilter Financial Planning and Private Client Advisers). Total integrated flows of £3.0 billion year to date (+7%) further demonstrating the strength of our advice based business model.

Paul Feeney, CEO of Quilter plc, commented:
“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% on the comparable period according to the Investment Association. Against this backdrop, I am pleased to report continued solid performance in NCCF of £1.1 billion (excluding Quilter Life Assurance) in the third quarter, marginally ahead of the second quarter. Worthy of note is the more cautious approach both we and the advisers who use our platform have taken towards defined benefit to defined contribution pension transfers. These totalled £0.3 billion in the third quarter of 2018 versus £0.6 billion in the comparable period of 2017.


Gross flows into Quilter Investors of £4.3 billion year to date were up 10% on a year earlier and gross sales within Quilter Wealth Solutions, our UK platform business, remained strong at £6.1 billion year to date, down 9% on the prior year despite the factors referenced earlier. This demonstrates the benefit of having both a substantial adviser workforce and an open channel actively supporting over 4,000 IFAs. We remain confident in the long term prospects for our business model. We look forward to reporting our full year results in March 2019.”

Business unit descriptor

Previous New

Intrinsic

Old Mutual Wealth Private Client Advisers

UK Platform

International 

Heritage

Quilter Financial Planning

Quilter Private Client Advisers

Quilter Wealth Solutions

Quilter International

Quilter Life Assurance

Enquiries:

Quilter Investor Relations
John-Paul Crutchley                                                    +44 20 7002 7016

Media enquiries
Quilter                                                                        +44 20 7 778 9550
Vee Montebello

Camarco                                                                     +44 20 3757 4985
Geoffrey Pelham-Lane

Aprio (South Africa)                                                    +27 11 880 0037
Julian Gwillim

 

Disclaimer


This announcement may contain certain forward-looking statements with respect to certain Quilter plc’s plans and its current goals and expectations relating to its future financial condition, performance and results.

By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Quilter plc’s control including amongst other things, international and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Quilter plc and its affiliates operate. As a result, Quilter plc’s actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Quilter plc’s forward looking statements.

Quilter plc undertakes no obligation to update the forward-looking statements contained in this announcement or any other forward-looking statements it may make.

Nothing in this announcement should be construed as a profit forecast.

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.