Quilter's international arm saw net asset inflows of £0.1bn over three months to 31 March 2021, with a year-on- year uplift in assets from £18.4bn to £22bn.
Quilter's trading update on 21 April comes ahead of its sale to Utmost Group for £483m, announced on 1 April this year which Quilter chief executive Paul Feeney highlighted in his accompanying statement.
"We have been pleased with shareholder feedback and market reaction to the proposed sale of Quilter International. We expect the formal Class 1 Circular to be mailed to shareholders in the coming weeks and we look forward to receiving shareholder approval for the sale at a General Meeting of the Company to be scheduled in June", Feeney said.
He added that there was "broad stability in flows at Quilter Investors and Quilter International" and further confirmed that it continued to expect completion of the sale "around year-end 2021".
See International Investment's reaction round-up from seasoned industry players to the sale to Utmost group and our exclusive video follow-up interview with Paul Thompson, Group CEO, Utmost Group of Companies.
The overall Q1 group results for Quilter saw its investment platform shine with a 29% increase in gross sales for the quarter of £2.2bn (2020: £1.7bn) which led to a 100% increase in net inflows to £1bn (2020: £0.5bn).
Total group assets under management and administration leapt 26% to £119.9bn at the end of March 2021 and 2% from 31 December 2020 with growth supported by improved net flows, positive investment performance and markets.
First quarter gross sales were £3.8bn (2020: £3.3bn), an increase of 15% on the comparable period, while net inflows soared 240% to £1.2bn (2020: £0.5bn).
Quilter Cheviot had with net inflows of £0.2 bn (2020: £0.1bn) "reflecting better retention and stable gross sales".
Gross and net inflows were "stable" at Quilter Investors, "and improved investment performance in the 12 months to end March 2021 are expected to drive an improvement in flows over the course of the year".
Feeney said: "I am delighted with the significant improvement in both our gross and net flows in the first quarter of 2021, with the UK business, excluding Quilter International, delivering annualised NCCF of 5% of opening AuMA.
"This has been led by our new Quilter Investment Platform which achieved record gross flows in March 2021, exceeding monthly sales of £1 billion for the first time. I have often described our platform as the beating heart of our business and the opportunity it provides as being transformative for Quilter. It is therefore particularly pleasing to see a meaningful pick-up in the rate of platform sales.
"I am also pleased to see the improvement in net flows in Quilter Cheviot supported by improved retention, as well as broad stability in flows at Quilter Investors and Quilter International. With Quilter Investors having delivered a much improved one-year investment performance in the period to end March 2021, we are anticipating this, combined with well-established long-term performance, will drive an increase in gross flows in the coming months."
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