Quilter Investors net inflows were down during the third quarter of the year with similar results for the wider Quilter group, following a more “cautious approach” from clients.
In a trading update on Wednesday morning, Quilter Investors reported net flows of £500m, down from £900m in Q3 2017.
Likewise, Quilter plc, which separated from Old Mutual in June 2018, also reported net flows of £500m for the three months to 30 September, a decline from £1.3bn in the same period last year when it said markets were “significantly more buoyant”.
Paul Feeney, CEO of Quilter plc, said: “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.”
Assets under management and administration grew for the group at £118.1bn despite “mixed global market performance”. This was up from £106bn on 31 December 2017.
AUMA for the Quilter Investors arm also grew slightly from £18.4m on 30 June 2018 to £18.8m on 30 September and up from £16.9m as at 31 December 2017.
Feeney said year to date flows across the market are down 55% on the comparable period according to the Investment Association.
He said: “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 £4.3bn year to date were up 10% on a year earlier and gross sales within Quilter Wealth Solutions, our UK platform business, remained strong at £6.1bn year to date, down 9% on the prior year despite the factors referenced earlier.”
He added that the group remain confident in the long-term prospects and look forward to reporting full year results in March 2019.
Following the update, Quilter’s share price fell by 0.89% this morning in early trading.
