Quilter continued to show evidence of recovery in its Q1 2023 trading update as assets under management and administration (AUMA) reached £101.9bn as of 31 March, up 2% from the £99.6bn at the end of last year.
Quilter CEO Steven Levin (pictured) praised “good momentum” across the business as inflows and AUMA grew across both its Affluent, and High Net Worth segments during the quarter.
The Affluent segment, which includes the Quilter Platform, received £292m of net new money, compared to just £37m in Q4 2022, while modest flows into the High Net Worth segment brought the quarter’s total net inflow to £313m.
This figure is considerably lower than the £1bn of net inflows during Q1 2022, before the Russian invasion of Ukraine had seriously damaged consumer confidence, but it is almost twice what Quilter managed in Q4 2022.
Levin said he was pleased with the trends in the firm’s first quarter flows, adding that “each subsequent month has demonstrated an improvement on the prior period”. Levin took over the CEO role from Paul Feeney at the end of October 2022, and has overseen consistent growth in Quilter’s AUMA during his time at the helm.
He added: “In-flows in the Quilter channel remain strong, with continued double digit net flows as a percentage of opening AUMA in both our High Net Worth and Affluent segments. The pleasing improvement in IFA flows onto our UK Platform was supported by modestly higher activity around tax-year end.”
Despite the quarter’s growth, Quilter still has a way to go to reach the £111.8bn of assets it had under management and administration at the end of 2021.
Levin continued: “We remain cautiously optimistic that, over the course of 2023, we will continue to see a gradual return of investor confidence and improving market levels. Our expectation is that this will support an improvement in flows over the course of the year.”
Shares reacted positively to the update this morning (25 April), climbing 2% to around 84p by 11am. Over the last year however, Quilter’s share price has fallen by more than 46%, down from £1.56 on 25 April 2022.
See also: Quilter cuts Cirilium range charges
