Wealth manager Quilter delivered a 25% increase in adjusted profit before tax in the six months to 30 June, bringing in £76m as it aims to roll out its ‘simplification’ cost savings plan earlier than expected.
Assets under management and administration (AUMA) inched up 2% to £101.7bn in the first half, with positive market movements accounting for £1.9bn of the increase.
The wealth manager’s core business recorded £700m net inflows, which the firm said reflected good performance from its High Net Worth and Affluent channels despite “muted” performance from IFA/Direct over the six months.
See also: Quilter trims US mega caps and ups fixed income exposure
Net inflows of £247m in Q2 represented a 5% year-on-year increase despite a 9% decline in the wider market over the same period.
Quilter said it expects to deliver £45m cost savings by the end of 2023, a year earlier than it had planned, while it is targeting a further £50m simplification savings by the end of 2025.
Steven Levin (pictured), Quilter chief executive officer, said: “We have delivered a strong improvement in first half profitability, pleasing flow outcomes in the Quilter channel and improved our market share of new advised platform flows.
“Our business model is fully aligned with the principles of the Consumer Duty regime and my focus is on doing more for our customers to improve business momentum in the near-term, and deliver faster growth and higher returns to shareholders in the longer-term.”
He added that the firm expects consensus profit estimates for this year to increase materially following its cost-cutting plan.
See also: Quilter Investors cuts fees on funds over £750m
–
PA event: Autumn Congress: September 27th– 29th | RSVP via email
Hosted at The South Lodge Hotel. Transport and accommodation will be provided for the duration of the event.
Our Autumn Congress will serve as a comprehensive platform for discussing the key trends, challenges, and innovations shaping the wealth management landscape. It will bring together thought leaders and industry professionals for enlightening discussions and networking opportunities. Register link |
Sponsors include Alliance Bernstein, Alger, Boston Partners, Baillie Gifford, CCLA, Janus Henderson, GAM, Jupiter AM and much more! Please see the full line-up on our website: AC2023
