REG - Quilter PLC - First Quarter 2022 Trading Statement

QuilterAnnouncement

20/04/2022 07:00

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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.

o  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%).

o  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,   2.5      2.2
 annualised)

 

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          Gross      Net     AuMA                  Of which Quilter solutions

as at
flows

31 December
(£m)      flows   as at 31 March 2022   AuM

(£m)
as at
                                                              2021
31 March

                                                                                                                     2022

 AFFLUENT SEGMENT
 Quilter 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          Gross      Net      AuMA         Of which Quilter solutions

as at
flows

31 December
(£m)      flows    as at        AuM

(£m)

as at
                                                              2020                               31 March
31 March

                                                                                                2021         2021

 AFFLUENT SEGMENT
 Quilter 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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