First Quarter 2022 Trading Statement

RNS Number : 6507I
Quilter PLC
20 April 2022
 

20 April 2022

Quilter plc

First Quarter 2022 Trading Statement

 

Quilter plc reports resilient gross and net flows for first quarter 2022 despite market uncertainty

Quilter plc highlights:

· Assets under Management and Administration ("AuMA") of £107.2 billion at the end of March 2022, a decline of 4% from 31 December 2021.

Average AuMA for the first quarter of £107.6 billion was modestly ahead of 2021 full year average of £105.3 billion.

· Net inflows of £1.0 billion (2021: £1.0 billion) despite the volatile market backdrop, representing 4% of opening AuMA annualised (2021: 4%).

Annualised net inflows from Quilter channels were 18% and 16% of opening AuMA in Affluent and HNW segments respectively.

· Strong early net flow momentum in the quarter was impacted by market uncertainty following the outbreak of conflict in Ukraine in late February.

· Continued improvement in adviser productivity with annualised gross flow per adviser up 14% to £2.5 million.

Quilter plc: Three months ended 31 March 2022

 

 

Quilter plc, unaudited

Q1 2022

Q1 2021

AuMA (£bn)

107.2

101.0

Of which are administered by Affluent

70.7

65.7

Of which are managed by Affluent

24.5

23.7

Of which are in High Net Worth

27.5

25.4

Gross flow (£m)

3,366

3,379

Net inflow (£m)

1,049

1,041

Productivity: Quilter channel gross sales per Quilter Adviser (£m, annualised)

2.5

2.2

 

 

 

 

Paul Feeney, Chief Executive Officer of Quilter plc, commented:

"As I mentioned at the time of our Full Year Results in March, net inflows in the first two months of the year were comfortably ahead of the comparable period in 2021 but the invasion of Ukraine in late February dampened investor sentiment for most of March. Our resilient overall performance throughout this period has underlined both the strength of our advice-based model and demonstrated the potential of our transformed business.

"I am particularly pleased to report higher gross and net inflows from our Quilter channel onto our new platform. 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 (Q1 2021: £83 million).

"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 focussed on execution and are well positioned to take advantage of the opportunities ahead."

 

Quilter plc data tables for the three months ended 31 March (£bn) - unaudited

Q1 2022 gross flows, net flows & AuMA (£bn), unaudited

AuMA
as at
31 December

2021

Gross 
flows
(£m)

Net

flows
(£m)

AuMA

as at 31 March 2022

Of which Quilter solutions

AuM
as at
31 March

2022

 

 

 

 

 

 

AFFLUENT SEGMENT

 

 

 

 

 

Q uilter channel

11.7

713

523

11.5

7.5

IFA channel

60.0

1,599

515

57.8

7.6

Non-core business

1.5

24

(1)

1.4

-

Sub-total (Quilter Platform)

73.2

2,336

1,037

70.7

15.1

Via other platforms

 

 

 

 

 

Quilter channel

4.7

198

(10)

4.1

4.5

IFA channel

2.5

94

(164)

2.4

2.4

Non-core businesses

2.7

48

(78)

2.5

2.5

Sub-total

9.9

340

(252)

9.0

9.4

Total Affluent Segment

83.1

2,676

785

79.7

24.5

 

 

 

 

 

 

HIGH NET WORTH SEGMENT

 

 

 

 

 

Quilter channel

2.5

120

99

2.5

2.5

IFA channel incl. Direct

26.2

570

165

25.0

25.0

Total High Net Worth Segment

28.7

690

264

27.5

27.5

 

 

 

 

 

 

Quilter plc

111.8

3,366

1,049

107.2

52.0

 

 

 

 

 

 

AuMA breakdown:

 

 

 

 

 

Affluent administered only (Quilter Platform)

55.9

1,616

766

53.6

-

Affluent managed and administered (Quilter Platform)

17.3

720

271

17.1

15.1

Affluent external platform (External platforms)

9.9

340

(252)

9.0

9.4

HNW managed and administered

28.7

690

264

27.5

27.5

 

 

 

 

 

 

Quilter channel

18.9

1,031

612

18.1

14.5

IFA channel

88.7

2,263

516

85.2

35.0

Non-core business

4.2

72

(79)

3.9

2.5

 

 

Q1 2021 gross flows, net flows & AuMA (£bn), unaudited

AuMA
as at
31 December

2020

Gross 
flows
(£m)

Net

flows
(£m)

AuMA

as at

 31 March

2021

Of which Quilter solutions

AuM
as at
31 March

2021

 

 

 

 

 

 

AFFLUENT SEGMENT

 

 

 

 

 

Q uilter channel

 9.6

 613

 435

 9.9

 6.5

IFA channel

 52.8

 1,625

 584

 54.4

 7.1

Non-core business

 1.4

 24

 (3)

 1.4

 0.2

Sub-total (Quilter Platform)

 63.8

 2,262

 1,016

 65.7

 13.8

Via other platforms

 

 

 

 

 

Quilter channel

 4.7

 256

 84

 4.9

 4.9

IFA channel

 2.4

 105

 (161)

 2.3

 2.3

Non-core businesses

 2.8

 53

 (105)

 2.7

 2.7

Sub-total

 9.9

 414

 (182)

 9.9

 9.9

Total Affluent Segment

 73.7

 2,676

 834

 75.6

 23.7

 

 

 

 

 

 

HIGH NET WORTH SEGMENT

 

 

 

 

 

Quilter channel

 2.1

 126

 95

 2.2

 2.2

IFA channel incl. Direct

 23.2

 577

 112

 23.2

 23.2

Total High Net Worth Segment

 25.3

 703

 207

 25.4

 25.4

 

 

 

 

 

 

Quilter plc

 99.0

 3,379

 1,041

 101.0

 49.1

 

 

 

 

 

 

AuMA breakdown:

 

 

 

 

 

Affluent administered only (Quilter Platform)

49.2

 1,537

564

50.4

 -

Affluent managed and administered (Quilter Platform)

14.6

 725

452

 15.3

 13.8

Affluent external platform (External platforms)

9.9

414

(182)

9.9

9.9

HNW managed and administered

25.3

 703

 207

 25.4

 25.4  

 

 

 

 

 

 

Quilter channel

16.4

 995

 614

 17.0

 13.6

IFA channel

78.4

 2,307

 535

 79.9

 32.6

Non-core business

4.2

 77

 (108)

 4.1

 2.9

 

 

Enquiries

Investor Relations:


John-Paul Crutchley  +44 (0)7741 385 251
Keilah Codd  +44 (0)7776 649 681

 

Media:

 

Gregor Davidson  +44 (0)7917 522 784

 

Camarco: 

 

Geoffrey Pelham-Lane  +44 (0)20 3757 4985

 

Company Secretary:

 

Patrick Gonsalves  +44 (0)20 7778 9670  

 

About Quilter plc

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow. Quilter plc oversees £107.2 billion in customer investments (as at 31 March 2022).

 

It has an adviser and customer offering spanning: financial advice, investment platforms, multi-asset investment solutions, and discretionary fund management.

 

The business is comprised of two segments: Affluent and High Net Worth.

 

Affluent encompasses the financial planning businesses, Quilter Financial Planning, the Quilter Investment Platform and Quilter Investors, the Multi-asset investment solutions business.

 

High Net Worth includes the discretionary fund management business, Quilter Cheviot, together with Quilter Private Client Advisers.

 

Disclaimer

This announcement may contain certain forward-looking statements with respect to certain Quilter plc's plans and its current goals and expectations relating to its future financial condition, performance and results. 

By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond Quilter plc's control including amongst other things, international and global economic and business conditions, market related risks such as fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other legislation and other regulations in the jurisdictions in which Quilter plc and its affiliates operate. As a result, Quilter plc's actual future financial condition, performance and results may differ materially from the plans, goals and expectations set forth in Quilter plc's forward-looking statements.

Quilter plc undertakes no obligation to update the forward-looking statements contained in this announcement or any other forward-looking statements it may make. Nothing in this announcement should be construed as a profit forecast.

 

 

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