Quilter’s assets under management and administration (AuMA) rose 5% in the first quarter to hit £111.6bn at the end of March.
This reflected both inflows and the rising stockmarket, but was partially offset by rising yields reducing the market value of bond portfolios.
The firm’s IFA platform made a strong contribution to the rise in assets, with net inflows over 400% up on the previous quarter’s £83m to £423m.
Gross and net flows to Quilter’s platform increased by 25% and 23% respectively year-on-year, with net inflows for the quarter topping £1bn. In its high net worth segment, gross and net flows rose by 24% and 33% respectively versus first quarter 2023. First quarter non-core net outflows of £103m were “broadly consistent” with the first quarter of last year.
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In the update the firm also confirmed its review of historical data and practices across the Quilter Financial Planning Limited network of appointed representative firms will commence shortly, following discussion with the FCA.
The review aims to determine if the firms have met their ongoing servicing obligations to customers and remediate customers if appropriate.
Chief executive Steven Levin (pictured) said: “We are pleased to report that our first quarter net flows are running at double the level experienced last year, reflecting the momentum in our business, actions we have taken and tentative signs of improving market sentiment.
See also: Liontrust suffers £6.1bn net outflows and 11.5% AUM slide in full-year results
“The Quilter channel continues to drive strong flows in both our high-net-worth and affluent segments. Our focus on broadening and deepening our business relationships is demonstrating clear results, with IFA and Quilter channel gross new business increasing by 34% and 21% respectively on the prior year.
“We are particularly pleased that our platform achieved net flows of over £1bn during the quarter, representing the strongest quarter for platform net inflows during our time as a listed company.”
This article originally appeared on our sister publication, PA Adviser
