Quilter saw its assets under management and administration (AuMA) drop 11% during 2022, according to its preliminary results for the year ended 31 December 2022, with the total standing at £99.6bn.

This was a decrease of 11% from 31 December 2021 when it stood at £111.8bn. The business said this was primarily due to adverse market movements of £14bn.

Quilter's investment platform net inflows of £2.2bn - compared to £3.5bn in 2021 - represented 3% of opening AuMA. It represented 5% in 2021. It said these figures reflected an industry-wide slowdown in gross flows.

Chief executive (CEO) Steven Levin said "Delivering a broadly similar 2022 operating performance to 2021 was a pleasing outturn given more challenging market conditions during the year.

"Since my appointment as CEO in November 2022, I have been focussing on what more we need to do to realise Quilter's potential. While we are well positioned across the UK wealth industry, I believe we can go further to improve performance.

"My plan is to build on our existing distribution strengths, enhance our client propositions and drive greater efficiency across our business to ensure we deliver faster growth and higher profitability."

Levin took over from Paul Feeney late last year.