Quilter reports 38% drop in flows; Unveils plans to improve margins and transform UK platform

'Optimisation' plans to reduce costs

Natalie Kenway
Paul Feeney, CEO of Quilter

Paul Feeney, CEO of Quilter

Quilter has reported increased profits and improvement in operating margins for 2018 - the year it completed its managed separation from Old Mutual - but it was not immune from the investor exodus, reporting flows were down 38%.

In the firm's maiden results, for the year to 31 December 2018, net client cash flows (excluding Quilter Life Assurance) dropped to £4.7bn - down from £7.6bn the year before - while assets under management/administration (AUMA) declined 4% year-on-year to close 2018 at £109.3bn. Quilter noted, however, this was impacted by negative market performance, which knocked £7.8bn off the total figure. Net client cash flows for the advice and wealth management businesses was positive at £3.5bn but lower than the previous year where it was logged at £4.4bn, while the firm also noted the "disapp...

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