Quilter has reported its third quarter core business net inflows dried up to just £1m, versus £324m in the same period of 2022.
Assets under management and administration were not impacted overall though, standing at £101.4bn at 30 September 2023, which was broadly unchanged on 30 June.
The firm said its performance reflected steady markets and the usual summer seasonal slowdown in activity, combined with IFA clients drawing down savings to maintain living standards amid higher inflation.
High net worth clients’ continued macro-related portfolio repositioning also led to outflows, with this partially offset by net inflows in the Quilter channel.
Third quarter non-core net outflows were £119m, largely due to fund closures.
Chief executive Steven Levin (pictured) commented: “I am pleased to have delivered steady AUMA in our seasonally slowest quarter in what remains a challenging market for new business. The Quilter channel continues to drive strong net flows in both our affluent and high net worth segments.
“Our open and unbundled business model positions us well from both a competitive and Consumer Duty perspective. 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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