3rd Quarter Results
19 October 2022
Quilter plc
Third Quarter 2022 Trading Statement
Quilter plc reports resilient gross and net flows for third quarter 2022 in a volatile market environment
Quilter plc highlights:
· Assets under Management and Administration ("AuMA") of £96.9 billion at the end of September 2022, a decline of 2% from 30 June 2022, reflecting a challenging market backdrop over the summer with both bond and equity values declining. Average AuMA for the third quarter of £100.1 billion, 5% lower than first half 2022 average AuMA of £105.3 billion.
· Net inflows of £0.2 billion for Q3 (2021: £1.0 billion) versus £0.3 billion in Q2 2022, representing 1% of opening AuMA annualised (2021: 4%). The third quarter is typically a seasonally slow quarter, with this exacerbated by increasing market volatility and cost-of-living pressures , reducing gross flows.
· Solid performance from Quilter channel with quarterly gross platform flows of £637 million (Q3 2021: £654 million) demonstrating constant Quilter adviser productivity, with adviser productivity stable at £2.2 million. Quilter channel quarterly net inflows of £430 million (Q3 2021: £469 million) reflecting moderately higher levels of redemptions.
· We remain very focused on attracting new IFA firms to our UK platform and are making good progress despite the current market challenges.
· Resilient performance from High Net Worth segment, with moderately lower gross flows and stable retention leading to net flows for the quarter of £222 million (Q3 2021: £329 million).
· Steven Levin to succeed Paul Feeney as Chief Executive Officer on 1 November 2022.
|
Quilter plc: Three months ended 30 September 2022 |
|
|
|
Quilter plc, unaudited |
Q3 2022 |
Q3 2021 |
|
AuMA (£bn) 1 |
96.9 |
108.5 |
|
Of which are Affluent Administered Only |
48.6 |
54.3 |
|
Of which are Affluent Managed and Administered |
16.0 |
16.7 |
|
Of which are Affluent External Platform |
8.1 |
10.1 |
|
Of which are in High Net Worth |
24.9 |
27.6 |
|
Gross flow (£m) |
2,384 |
3,251 |
|
Net inflow (£m) |
236 |
1,018 |
|
Productivity: Quilter channel gross sales per Quilter Adviser (£m, annualised) |
2.2 |
2.2 |
|
1 Inter-segment dual assets reflect funds sold by Quilter Cheviot and managed by Quilter Investors and Quilter Cheviot funds and bespoke MPS solution available to advisers on the Quilter Investment Platform. This is excluded from total AuMA to ensure no double count takes place. |
||
|
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|
|
|
Quilter plc: Nine months ended 30 September 2022 |
|
|
|
Quilter plc, unaudited |
Q3 2022 |
Q3 2021 |
|
AuMA (£bn) |
96.9 |
108.5 |
|
Gross flow (£m) |
8,293 |
9,922 |
|
Net inflow (£m) |
1,628 |
3,017 |
|
Productivity: Quilter channel gross sales per Quilter Adviser (£m, annualised) |
2.3 |
2.4 |
|
|
|
|
Paul Feeney, Chief Executive Officer of Quilter plc, commented:
"While we are living through uncertain times, our business is well positioned to win in the UK Wealth market. I am pleased that we continue to deliver positive net flows even through the quietist quarter of this unprecedented year. The Quilter channel, in particular, has continued to deliver robust flows to our platform and the High Net Worth segment has continued to deliver a resilient performance.
"Over the last decade, my focus has been on building a modern integrated wealth manager that is strategically positioned in the largest, secular growth market in UK financial services. I am delighted to be handing on such a business to my successor, Steven, and I am confident in Quilter's potential and ability to drive growth and deliver efficiency. The strength of our advice-based model means we are well positioned to take advantage of the opportunities ahead, even in tough markets."
Quilter plc data tables for the three months ended 30 September 2022 (£bn) - unaudited
|
Q3 gross flows, net flows & AuMA (£bn), unaudited |
AuMA* as at 30 June 2022 |
Gross |
Net Flows* (£m) |
AuMA* as at 30 September 2022 |
Of which managed by Quilter
AuM as at 2022 |
|
|
|
|
|
|
|
|
AFFLUENT SEGMENT |
|
|
|
|
|
|
Q uilter channel |
10.8 |
637 |
430 |
11.0 |
7.4 |
|
IFA channel |
53.7 |
1,052 |
(106) |
52.4 |
8.6 |
|
Non-core business |
1.3 |
7 |
(28) |
1.2 |
- |
|
Sub-total (Quilter Platform) |
65.8 |
1,696 |
296 |
64.6 |
16.0 |
|
Via other platforms |
|
|
|
|
|
|
Quilter channel1 |
4.0 |
134 |
(35) |
3.8 |
3.8 |
|
IFA channel |
2.2 |
48 |
(143) |
2.1 |
2.1 |
|
Non-core businesses |
2.2 |
19 |
(60) |
2.2 |
2.2 |
|
Sub-total |
8.4 |
201 |
(238) |
8.1 |
8.1 |
|
Total Affluent Segment |
74.2 |
1,897 |
58 |
72.7 |
24.1 |
|
|
|
|
|
|
|
|
HIGH NET WORTH SEGMENT |
|
|
|
|
|
|
Quilter channel |
2.3 |
67 |
55 |
2.3 |
2.3 |
|
IFA channel incl. Direct |
22.9 |
452 |
167 |
22.6 |
22.6 |
|
Total High Net Worth Segment |
25.2 |
519 |
222 |
24.9 |
24.9 |
|
Inter-segment dual assets 1 |
(0.7) |
(32) |
(44) |
(0.7) |
(0.2) |
|
Quilter plc |
98.7 |
2,384 |
236 |
96.9 |
48.8 |
|
|
|
|
|
|
|
|
AuMA breakdown: |
|
|
|
|
|
|
Affluent administered only |
49.7 |
1,065 |
51 |
48.6 |
|
|
Affluent managed and administered |
16.1 |
632 |
244 |
16.0 |
|
|
Affluent external platform |
8.4 |
201 |
(238) |
8.1 |
|
|
|
|
|
|
|
|
|
Quilter channel |
17.1 |
838 |
450 |
17.1 |
|
|
IFA channel |
78.1 |
1,520 |
(126) |
76.4 |
|
|
Non-core business |
3.5 |
26 |
(88) |
3.4 |
|
|
1 Inter-segment dual assets reflect funds sold by Quilter Cheviot and managed by Quilter Investors and Quilter Cheviot funds and bespoke MPS solutions available to advisers on the Quilter Investment Platform. This is excluded from total AuMA to ensure no double count takes place.
|
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Quilter plc data tables for the nine months ended 30 September 2022 (£bn) - unaudited
|
2022 YTD gross flows, net flows & AuMA (£bn), unaudited |
AuMA* as at 31 December 2021 |
Gross |
Net Flows* (£m) |
AuMA* as at 30 September 2022 |
Of which managed by Quilter
AuM as at 2022 |
|
|
|
|
|
|
|
|
AFFLUENT SEGMENT |
|
|
|
|
|
|
Q uilter channel |
11.7 |
1,960 |
1,384 |
11.0 |
7.4 |
|
IFA channel |
60.0 |
3,926 |
548 |
52.4 |
8.6 |
|
Non-core business |
1.5 |
34 |
(51) |
1.2 |
- |
|
Sub-total (Quilter Platform) |
73.2 |
5,920 |
1,881 |
64.6 |
16.0 |
|
Via other platforms |
|
|
|
|
|
|
Quilter channel1 |
4.9 |
524 |
(123) |
3.8 |
3.8 |
|
IFA channel |
2.5 |
189 |
(469) |
2.1 |
2.1 |
|
Non-core businesses |
2.7 |
101 |
(201) |
2.2 |
2.2 |
|
Sub-total |
10.1 |
814 |
(793) |
8.1 |
8.1 |
|
Total Affluent Segment |
83.3 |
6,734 |
1,088 |
72.7 |
24.1 |
|
|
|
|
|
|
|
|
HIGH NET WORTH SEGMENT |
|
|
|
|
|
|
Quilter channel |
2.5 |
261 |
215 |
2.3 |
2.3 |
|
IFA channel incl. Direct |
26.2 |
1,520 |
519 |
22.6 |
22.6 |
|
Total High Net Worth Segment |
28.7 |
1,781 |
734 |
24.9 |
24.9 |
|
Inter-segment dual assets 1 |
(0.2) |
(222) |
(194) |
(0.7) |
(0.2) |
|
Quilter plc |
111.8 |
8,293 |
1,628 |
96.9 |
48.8 |
|
|
|
|
|
|
|
|
AuMA breakdown: |
|
|
|
|
|
|
Affluent administered only |
55.9 |
3,897 |
1,075 |
48.6 |
|
|
Affluent managed and administered |
17.3 |
2,023 |
806 |
16.0 |
|
|
Affluent external platform |
10.1 |
814 |
(793) |
8.1 |
|
|
|
|
|
|
|
|
|
Quilter channel |
19.1 |
2,745 |
1,476 |
17.1 |
|
|
IFA channel |
88.5 |
5,413 |
404 |
76.4 |
|
|
Non-core business |
4.2 |
135 |
(252) |
3.4 |
|
|
1 Inter-segment dual assets reflect funds sold by Quilter Cheviot and managed by Quilter Investors and Quilter Cheviot funds and bespoke MPS solutions available to advisers on the Quilter Investment Platform. This is excluded from total AuMA to ensure no double count takes place.
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Enquiries
Investor Relations:
Etienne Burger +44 (0)20 7002 5436
Media:
Tim Skelton-Smith +44 (0)7824 145 076
Camarco:
Geoffrey Pelham-Lane +44 (0)20 3757 4985
Company Secretary:
Clare Barrett +44 (0)20 7002 7072
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 £96.9 billion in customer investments (as at 30 September 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.
Quilter plc data tables for the three months ended 30 September 2021 (£bn) - unaudited
|
Q3 gross flows, net flows & AuMA (£bn), unaudited |
AuMA* as at 30 June 2021 |
Gross |
Net Flows* (£m) |
AuMA* as at 30 September 2021 |
Of which managed by Quilter
AuM as at 2021 |
|
|
|
|
|
|
|
|
AFFLUENT SEGMENT |
|
|
|
|
|
|
Q uilter channel |
10.8 |
654 |
469 |
11.3 |
7.7 |
|
IFA channel |
57.2 |
1,554 |
414 |
58.3 |
9.0 |
|
Non-core business |
1.4 |
20 |
(9) |
1.4 |
- |
|
Sub-total (Quilter Platform) |
69.4 |
2,228 |
874 |
71.0 |
16.7 |
|
Via other platforms |
|
|
|
|
|
|
Quilter channel1 |
4.9 |
186 |
- |
4.9 |
4.9 |
|
IFA channel |
2.5 |
87 |
(112) |
2.5 |
2.5 |
|
Non-core businesses |
2.8 |
48 |
(81) |
2.7 |
2.7 |
|
Sub-total |
10.2 |
321 |
(193) |
10.1 |
10.1 |
|
Total Affluent Segment |
79.6 |
2,546 |
688 |
81.1 |
26.8 |
|
|
|
|
|
|
|
|
HIGH NET WORTH SEGMENT |
|
|
|
|
|
|
Quilter channel |
2.3 |
98 |
73 |
2.4 |
2.4 |
|
IFA channel incl. Direct |
24.7 |
608 |
256 |
25.2 |
25.2 |
|
Total High Net Worth Segment |
27.0 |
706 |
329 |
27.6 |
27.6 |
|
Inter-segment dual assets 1 |
(0.2) |
(1) |
1 |
(0.2) |
(0.1) |
|
Quilter plc |
106.4 |
3,251 |
1,018 |
108.5 |
54.3 |
|
|
|
|
|
|
|
|
AuMA breakdown: |
|
|
|
|
|
|
Affluent administered only |
53.2 |
1,473 |
124 |
54.3 |
|
|
Affluent managed and administered |
16.2 |
747 |
759 |
16.7 |
|
|
Affluent external platform |
10.2 |
326 |
(195) |
10.1 |
|
|
|
|
|
|
|
|
|
Quilter channel |
18.0 |
938 |
1,808 |
18.6 |
|
|
IFA channel |
84.2 |
2,246 |
565 |
85.8 |
|
|
Non-core business |
4.2 |
68 |
(90) |
4.1 |
|
|
1 Inter-segment dual assets reflect funds sold by Quilter Cheviot and managed by Quilter Investors and Quilter Cheviot funds and bespoke MPS solutions available to advisers on the Quilter Investment Platform. This is excluded from total AuMA to ensure no double count takes place.
|
|||||
Quilter plc data tables for the nine months ended 30 September 2021 (£bn) - unaudited
|
2021 Q3 YTD gross flows, net flows & AuMA (£bn), unaudited |
AuMA* as at 31 December 2020 |
Gross |
Net Flows* (£m) |
AuMA* as at 30 September 2021 |
Of which managed by Quilter
AuM as at 2021 |
|
|
|
|
|
|
|
|
AFFLUENT SEGMENT |
|
|
|
|
|
|
Q uilter channel |
9.6 |
1,915 |
1,337 |
11.3 |
7.7 |
|
IFA channel |
52.8 |
4,760 |
1,371 |
58.3 |
9.0 |
|
Non-core business |
1.4 |
63 |
(28) |
1.4 |
- |
|
Sub-total (Quilter Platform) |
63.8 |
6,738 |
2,680 |
71.0 |
16.7 |
|
Via other platforms |
|
|
|
|
|
|
Quilter channel1 |
4.9 |
755 |
174 |
4.9 |
4.9 |
|
IFA channel |
2.4 |
226 |
(345) |
2.5 |
2.5 |
|
Non-core businesses |
2.8 |
144 |
(276) |
2.7 |
2.7 |
|
Sub-total |
10.1 |
1,125 |
(447) |
10.1 |
10.1 |
|
Total Affluent Segment |
73.9 |
7,863 |
2,233 |
81.1 |
26.8 |
|
|
|
|
|
|
|
|
HIGH NET WORTH SEGMENT |
|
|
|
|
|
|
Quilter channel |
2.1 |
366 |
290 |
2.4 |
2.4 |
|
IFA channel incl. Direct |
23.2 |
1,696 |
487 |
25.2 |
25.2 |
|
Total High Net Worth Segment |
25.3 |
2,062 |
777 |
27.6 |
27.6 |
|
Inter-segment dual assets 1 |
(0.2) |
(3) |
7 |
(0.2) |
(0.1) |
|
Quilter plc |
99.0 |
9,922 |
3,017 |
108.5 |
54.3 |
|
|
|
|
|
|
|
|
AuMA breakdown: |
|
|
|
|
|
|
Affluent administered only |
49.2 |
4,442 |
1,329 |
54.3 |
|
|
Affluent managed and administered |
14.6 |
2,291 |
1,353 |
16.7 |
|
|
Affluent external platform |
10.1 |
1,130 |
(449) |
10.1 |
|
|
|
|
|
|
|
|
|
Quilter channel |
16.4 |
3,036 |
1,801 |
18.6 |
|
|
IFA channel |
78.4 |
6,679 |
1,520 |
85.8 |
|
|
Non-core business |
4.2 |
207 |
(304) |
4.1 |
|
|
1 Inter-segment dual assets reflect funds sold by Quilter Cheviot and managed by Quilter Investors and Quilter Cheviot funds and bespoke MPS solutions available to advisers on the Quilter Investment Platform. This is excluded from total AuMA to ensure no double count takes place.
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