Quilter’s net client cash flow more than doubled to £2.5bn year-on-year as CEO Paul Feeney continues to concentrate on a “UK-based strategic path”.
According to its 2021 interim results, this represented a 127% jump from the same period last year when net inflows hit £1.1bn.
Total assets under management and administration was up 7% to £126.6bn, compared to £117.8bn as of 31 December 2020.
Pre-tax profit hit £85m a 20% leap from the same period in 2020, £29m of which was from Quilter International, the company’s offshore arm, which was sold to assurance group Utmost in April 2021.
Quilter on track to achieve 6% growth in net flows from 2022 onwards
The results follow a busy year so far for the advice giant, as it completed its final migration of clients and advisers onto its new technology in February.
“With the sale of Quilter International, our results demonstrate good early progress on our more focused, UK-based strategic path and gives a taste of what we know our business can deliver in the future,” Feeney (pictured) said.
He added that the group is on track to meet its future targets, including in the medium-term, and is well-positioned to achieve 6% annualised growth in net client cash flows from 2022 onwards.
Operating margin improving despite higher regulatory costs
However, the asset manager’s profit after tax for the period of £20m was less than half the 2020 figure of £43m.
An operating margin of 24% is an improvement from 21% for the half year 2020, despite, “absorbing cost headwinds from higher regulatory costs and levies, and an unwind of prior year tactical cost savings,” the company said.
Quilter has declared an interim dividend per share of 1.7p, compared to 1p for the half year 2020, including a 0.5p contribution from Quilter International.
Earlier this month, its discretionary business Quilter Cheviot hired former Abrdn veteran Marshall Docherty amid reports its parent company was making staff cuts. Nick Lumb also joined Quilter Cheviot from Franklin Templeton.
See also: Quilter Cheviot nabs senior sales duo from Abrdn and Franklin Templeton
