Quilter assets under management and administration fell 4% over the three months to 31 March 2022, despite positive net flows.
The £1bn inflows was not enough to stem £4.6bn reduction in AUMA caused by market movements, as the total fell to £107.2bn.
Both the firm's affluent and high net worth segments fell in lockstep, although the IFA channel and non-core businesses performed considerably better on a flow basis across the Quilter platform compared to other platforms.
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Quilter chief executive officer Paul Feeney (pictured) said that while flows across the first two months of the year were "comfortably ahead of the comparable period in 2021", the Russian invasion of Ukraine had dampened sentiment throughout March.
"I am particularly pleased to report higher gross and net inflows from our Quilter channel onto our new platform," Feeney added. "I am also delighted that our high net worth segment maintained the strong momentum on which it finished 2021. Quilter Investors' net inflows were impacted by previously flagged fund closures of £61 million during the quarter.
"We have built a business for the long-term and remain confident in our potential and ability to drive growth and deliver efficiency. Markets may remain challenging, but we are focused on execution and are well positioned to take advantage of the opportunities ahead."
