First Quarter 2022 Trading Statement
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, 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 2021 |
Gross |
Net
flows |
AuMA as at 31 March 2022 |
Of which Quilter solutions
AuM 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 2020 |
Gross |
Net
flows |
AuMA as at 31 March 2021 |
Of which Quilter solutions
AuM 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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