Quilter’s revamped investment platform helps deliver jump in total assets
Stimulus measures and the vaccine rollout helped push Quilter’s total assets 26 per cent higher in the first three months of the year.
The FTSE-listed wealth manager and England rugby sponsor said assets under management and administration (AUMA) totalled £119.9bn in the three months to March, compared to £95.3bn a year earlier.
It was partly driven by a 240 per cent increase in net inflows of £1.2bn as well as positive investment performance and markets.
Shares in the wealth manager are trading 0.6 per cent higher.
Like other asset managers Quilter has benefited from the rebound in sentiment off the back of a successful vaccine rollout. Charles Stanley saw assets rise to £25.6bn off the back of fourth quarter gains.
Quilet’s Investment Platform, which was recently revamped with new technology, grew AUMA by nearly a third to £64.3bn and delivered record gross flows last month, exceeding monthly sales of £1bn.
“ I have often described our platform as the beating heart of our business and the opportunity it provides as being transformative for Quilter. It is therefore particularly pleasing to see a meaningful pick-up in the rate of platform sales,” chief executive Paul Feeney said.
Last month the company offloaded its international business for £483m as it looks to focus its attention on its UK wealth management division.
The firm said Quilter International had become “less strategically aligned to its UK proposition and the customer overlap had fallen in recent years.