REG - Quilter PLC - Quilter plc First Quarter 2025 Trading Statement

QuilterAnnouncement

23/04/2025 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250423:nRSW7406Fa&default-theme=true

RNS Number : 7406F  Quilter PLC  23 April 2025

23 April 2025

Quilter plc

First Quarter 2025 Trading Statement

Quilter reports strong first quarter core net inflows up 181% on the prior
year period, representing 8% (annualised) of opening AuMA

Quilter plc highlights:

·      Group Assets under Management and Administration ("AuMA"):
£119.6 billion at end March 2025, broadly unchanged from the year-end level
of £119.4 billion. This reflects reported net inflows of 7% (annualised) of
opening AuMA, offset by market declines and Sterling appreciation during the
quarter.

·      First quarter core net inflows of £2,276 million, represented 8%
(annualised) of opening AuMA (Q1 2024: 3%). First quarter core net inflows
were 181% higher than the comparable period in 2024 and were 16% higher than
the then record fourth quarter 2024 level.

o  In the High Net Worth segment, new business momentum was solid:

§ Gross inflows of £765 million were broadly in line with the recent
quarterly run-rate.

§ Net inflows of £119 million (Q1 2024: £93 million), represented 2%
(annualised) of opening AuMA.

o  The Affluent segment delivered another strong quarter, with:

§ A 42% year-on-year increase in gross inflows to £4,190 million (Q1 2024:
£2,956 million).

§ Lower year-on-year outflows contributed to a 179% increase in net inflows
of £2,198 million (Q1 2024: £788 million), representing 10% (annualised) of
opening AuMA.

                The strength of our Platform proposition
continues to be demonstrated by significantly higher business volumes:

§ First quarter Quilter channel gross and net inflows onto the Platform
increased by 12% and 15% respectively year-on-year.

§ IFA channel gross inflows onto the Platform increased by 63% year-on-year.
IFA channel net inflows of £1,573 million were significantly higher than the
comparable period (Q1 2024: £423 million).

§ Record quarterly net inflows of £2,293 million during the first quarter,
representing 11% (annualised) of opening AuMA versus £1,048 million or 6% of
opening AuMA in the first quarter of 2024.

·      Persistency levels in the quarter were broadly stable at 91% in
both segments.

·      Productivity: Quilter channel annualised gross sales per Quilter
Adviser were £3.4 million in the first quarter, modestly higher year-on-year.

 Quilter plc: Three months ended 31 March 2025
 Quilter plc, unaudited                                               Q1 2025  Q1 2024
 AuMA: Reported (£bn)                                                 119.6    111.6
 Of which are administered on the UK Platform                         86.6     77.8
 Of which are administered on external platforms                      5.8      6.8
 Of which High Net Worth                                              28.7     28.1
 Gross flow: Reported (£m)                                            4,895    3,646
 Net inflow: Core (£m)                                                2,276    810
 Net inflow: Reported (£m)                                            2,180    707
 Productivity: Quilter channel gross sales per Quilter Adviser (£m,   3.4      3.3
 annualised)

Steven Levin, Chief Executive Officer of Quilter plc, commented:

"I am pleased with our first quarter flow performance which has continued the
momentum seen in late 2024. These results continue to demonstrate the strength
of the Quilter dual channel distribution model. In Affluent, our Platform
flows reached 11% (annualised) of opening AuMA and in High Net Worth, the net
inflows as a percentage of opening assets were 2%, in line with the 2024
out-turn.

"Market indices weakened during the first quarter, with the impact of this
broadly offsetting our net inflow performance. Thus far in the second quarter
we have seen significant volatility across all asset classes, as bond and
equity markets have reacted to proposed US tariffs. As a result, the outlook
for market levels and interest rates is more uncertain than at our Full Year
results just over a month ago. Our most recent estimate of AuMA (at 17 April)
is around 3% below the quarter end level which, if sustained, would provide a
headwind to 2025 revenues and profitability.

"We have successfully managed our business through previous periods of market
turbulence. Our advisers and investment managers remain highly engaged with
our clients, and it is during volatile markets that the value of financial
advice becomes most apparent. The assets we manage are largely long-term
focused and, with the majority of our new business arising from asset
consolidation, early second quarter indications point to a degree of
resilience in flows. The structural growth opportunity in the UK wealth market
remains and we continue to focus on our strategic initiatives and efficiency
programmes. We remain confident that Quilter is well placed to navigate these
uncertain macro challenges."

 

Enquiries

Investor Relations:

John-Paul Crutchley
+44 (0) 7741 385 251

Maheet
Harry
+44 (0) 7779 613 940

 

 

Media:

 

Tim
Skelton-Smith
+44 (0) 7824 145 076

 

Camarco:

 

Geoffrey Pelham-Lane                          +44 (0)
7733 124 226

Ben Woodford                                       +44 (0)
7990 653 341

 

Company Secretary:

 

Clare Barrett                                         +44
(0) 7741 384 512

 

 

About Quilter plc

Quilter plc is a leading provider of financial advice, investments and wealth
management, committed to being the UK's best wealth manager for clients and
their advisers.

 

Quilter oversees £119.6 billion in customer investments as at 31 March 2025.

 

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 and financial
planning business, Quilter Cheviot.

 

Disclaimer

This announcement may contain 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, the implications and economic impact of the conflict in Ukraine
and the Middle-East, 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.

Quilter plc data tables for the three months ended 31 March 2025 (£bn) -
unaudited

 2025 Q1 gross flows, net flows & AuMA (£bn), unaudited       AuMA          Gross      Net     AuMA         Of which managed by Quilter

flows

                                                              as at
(£m)      flows   as at        AuM as at

 31 March

                                                              31 December              (£m)
            31 March

                                2025

                                                              2024                                          2025

 AFFLUENT SEGMENT
 Quilter channel(1)                                           19.1          1,075      697     19.0         15.3
 IFA channel on Quilter Investment Platform                   67.5          2,996      1,573   68.5         12.8
 Funds via third-party platform                               1.9           119        (72)    2.0          2.0
 Total Affluent segment core business                         88.5          4,190      2,198   89.5         30.1

 HIGH NET WORTH SEGMENT
 Quilter channel                                              3.6           182        133     3.6          3.6
 IFA channel incl. Direct                                     25.9          583        (14)    25.1         25.1
 Total High Net Worth segment                                 29.5          765        119     28.7         28.7

 Inter-Segment Dual Assets(2)                                 (1.7)         (83)       (41)    (1.5)        (0.4)

 Quilter plc core business                                    116.3         4,872      2,276   116.7        58.4

 Non-core                                                     3.1           23         (96)    2.9          1.7

 Quilter plc reported                                         119.4         4,895      2,180   119.6        60.1

 Affluent AuMA breakdown (incl. Non-core):
 Affluent administered only                                   60.2          2,775      1,644   60.6
 Affluent managed and administered                            25.2          1,220      649     26.0
 Quilter Platform Sub-Total(3)                                85.4          3,995      2,293   86.6
 Affluent external platform                                   6.2           218        (191)   5.8
 Affluent Total (Including Non-core)                          91.6          4,213      2,102   92.4
 (1) Quilter channel first quarter Platform discrete gross flows and net flows
 were £996m and £750m respectively, with closing AuMA of £16.9bn.

 (2) Inter-segment dual assets reflect funds managed by Quilter Cheviot and
 administered by Quilter Investors and the Quilter Cheviot managed portfolio
 service solutions available to advisers on the Quilter Investment Platform.
 This is excluded from total AuMA to ensure no double count takes place.

 (3)The Quilter Platform includes £3m of gross flows, £30m of net outflows
 and £1.2bn of closing AuA related to non-core assets.

 

 

Quilter plc data tables for the three months ended 31 March 2024 (£bn) -
unaudited

 2024 Q1 gross flows, net flows & AuMA (£bn), unaudited       AuMA          Gross      Net     AuMA         Of which managed by Quilter

flows

                                                              as at
(£m)      flows   as at        AuM as at

 31 March

                                                              31 December              (£m)
            31 March

                                2024

                                                              2023                                          2024

 AFFLUENT SEGMENT
 Quilter channel(1)                                           17.2          1,033      506     17.3         13.6
 IFA channel on Quilter Investment Platform                   58.7          1,833      423     62.0         11.6
 Funds via third-party platform                               1.6           90         (141)   1.9          1.9
 Total Affluent segment core business                         77.5          2,956      788     81.2         27.1

 HIGH NET WORTH SEGMENT
 Quilter channel                                              2.9           184        142     3.1          3.1
 IFA channel incl. Direct                                     24.1          591        (49)    25.0         25.0
 Total High Net Worth segment                                 27.0          775        93      28.1         28.1

 Inter-Segment Dual Assets(2)                                 (1.1)         (109)      (71)    (1.1)        (0.3)

 Quilter plc core business                                    103.4         3,622      810     108.2        54.9

 Non-core                                                     3.3           24         (103)   3.4          2.1

 Quilter plc reported                                         106.7         3,646      707     111.6        57.0

 Affluent AuMA breakdown (incl. Non-core):
 Affluent administered only                                   53.2          1,675      512     55.4
 Affluent managed and administered                            20.6          1,056      536     22.4
 Quilter Platform Sub-Total(3)                                73.8          2,731      1,048   77.8
 Affluent external platform                                   7.0           249        (363)   6.8
 Affluent Total (Including Non-core)                          80.8          2,980      685     84.6
 (1) Quilter channel first quarter Platform discrete gross flows and net flows
 were £893m and £652m respectively, with closing AuMA of £14.5bn.

 (2) Inter-segment dual assets reflect funds managed by Quilter Cheviot and
 administered by Quilter Investors and the Quilter Cheviot managed portfolio
 service solutions available to advisers on the Quilter Investment Platform.
 This is excluded from total AuMA to ensure no double count takes place.

 (3)The Quilter Platform includes £5m of gross flows, £27m of net outflows
 and £1.3bn of closing AuA related to non-core assets.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTEAKLAAAASEFA