Steven Levin (pictured), CEO of Quilter
In a fourth-quarter trading update today (24 January), the wealth manager posted £175m core business inflows, which compared to just £1m worth of inflows in the third quarter.
Despite the increase, net inflows for the quarter were still significantly below the £242m gathered during the last quarter of 2022.
Assets under management and administration increased by 5% to £106.7bn as of the end of December, with Quilter highlighting market recovery and net inflows as contributing factors.
Quilter core inflows plummet to just £1m in Q3
Overall, net inflows as a percentage of AUMA for the full year comprised 15% from the firm's high-net-worth segment and 10% from the affluent arm.
The company's platform also posted net inflows of 14% for the full year, with gross inflows from the IFA channel in the fourth quarter nearly doubling (44%) to £1.4bn from £1bn in the final quarter of 2022.
Net outflows for the three-month period remained consistent with the third quarter at £119m.
Former Hargreaves Lansdown chief executive Chris Hill joins Quilter board
Steven Levin, CEO of Quilter, said 2023 had been a «tough year» for the industry but commended the company for finishing the year on a «positive note» by improving its quarterly performance.
He added: «Across the industry, 2023 saw a lot of focus on strategic positioning of businesses within a Consumer Duty context; we remain confident that our open and unbundled business model leaves us well positioned for the current environment.
»We look forward to updating the market on the progress we are making on our strategic goals of building distribution, enhancing propositions, and improving efficiency at our full year results on 6 March 2024."
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