Quilter core inflows plummet to just £1m in Q3
Quilter CEO Steven Levin
In a trading statement from the firm today (18 October), Quilter revealed the firm saw £118m in overall outflows throughout the quarter, which it attributed to one-off fund closures of about £200m in Q2.
After adjusting for this, non-core net outflows were «consistent with the quarterly run-rate in the first half», it said.
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Assets under management remained broadly unchanged throughout the quarter, at £101.4bn on 30 September, compared to £101.7bn at the end of June.
Quilter's platform became the largest advised platform in the UK at the end of the second quarter, with gross inflows from the IFA channel onto the platform rising 20% compared to the year before, though there were modest outflow during Q3 due to «industry consolidation and higher client drawdowns».
Meanwhile, the firm's productivity, measured by Quilter channel gross sales per Quilter adviser, rose by 23% over the last year, and now sits at £2.7m.
CEO Steven Levin noted that both gross and net flows from the Quilter channel in the affluent and high net worth segments «were up on the comparative quarter a year ago despite overall market flows expected to have declined over the period».
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«Our open and unbundled business model positions us well from both a competitive and consumer duty perspective,» added Levin.
«I look forward to updating the market on the initiatives we are working on to improve platform net flows and the progress we are making on our broader strategic plans at our full-year results in March 2024.»
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