Quilter's assets under management and administration declined 2% in the three months to the end of September to £96.9bn as its net inflows slowed, it announced in its third quarter results released today (19 October).
Net inflows were £0.2bn for the three months, down from £0.3bn in the second quarter and £1bn for the same period in 2021. The company noted that while the third quarter is "typically a seasonally slow quarter", this was "exacerbated by increasing market volatility and cost-of-living pressures".
Gross flows were also hit, declining to £2.4bn for the quarter, compared to £3.25bn in the same period the previous year.
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The company noted that its high-net-worth segment of the business had "moderately lower gross flows" at £519m and "stable retention" leading to net flows of £222m for the quarter. The AuMA of the segment was £24.9bn at the end of September compared to £25.2bn at the end of June.
Within its affluent segment, gross flows stood at £1.9bn with £58m of net flows for the quarter. Its AuMA dropped from £74.2m to £72.7m in the period from the end of June to the end of September.
Paul Feeney, CEO of the firm, commented: "I am pleased that we continue to deliver positive net flows even through the quietist quarter of this unprecedented year".
The CEO, who is set to step down at the end of the month, added that his focus over the last decade has been "on building a modern integrated wealth manager that is strategically positioned in the largest, secular growth market in UK financial services".
Feeney will be handing over the reigns to Steven Levin, CEO of Quilter's investment platform and Quilter Investors since 2017.
"I am delighted to be handing on such a business to my successor, Steven," Feeney said. "I am confident in Quilter's potential and ability to drive growth and deliver efficiency. The strength of our advice-based model means we are well positioned to take advantage of the opportunities ahead, even in tough markets."
