Intention to conduct audit tender
12 March 2019
Quilter plc
Intention to conduct audit tender
Quilter plc (the "Company") today announces its intention to conduct an audit tender with a view to the selected firm auditing the financial statements for the year ending 31 December 2020 (the "Tender").
The Tender process will be conducted in compliance with the Financial Reporting Council's "Audit Tenders Notes on Best Practice" and will be overseen by the Board Audit Committee, reporting to the Board.
KPMG has audited the financial statements of Quilter plc since 2008. The Company, as a newly standalone, listed company, has not previously put its audit to tender (although Old Mutual plc last put its audit to tender in 2014 when KPMG were re-appointed). Due to the length of KPMG's tenure as auditors of Quilter plc (which includes the years during which the Company was audited by KPMG as part of the Old Mutual group), the Quilter plc Board and Board Audit Committee have concluded that KPMG should not be part of the Tender process.
The Request for Proposal for the Tender is expected to be issued in late March 2019, with the Tender process being conducted during April and May 2019. The final decision is expected to be announced as soon as possible after it has been agreed, and by no later than the date of release of Quilter plc's 2019 Interim Results, expected to be on 7 August 2019.
George Reid, Board Audit Committee Chair, comments:
"It is sensible now that we take this opportunity to assess the external audit support that will be needed as the business progresses to the next stage of its development, and I look forward to being part of what we will ensure will be a rigorous, fair and transparent tender process. We will now engage with investors to understand their views on the Tender process."
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Enquiries:
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Investor Relations: John-Paul Crutchley
Keilah Codd
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+44 (0)20 7002 7016
+44 (0)20 7002 7054 |
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Company Secretary: Patrick Gonsalves |
+44 (0)20 7778 9670
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Camarco Geoffrey Pelham-Lane
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+44 (0)20 3757 4985 |
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Aprio (South Africa) Julian Gwillim |
+27 (0)11 880 0037 |
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 £109.3 billion in customer investments (as at 31 December 2018).
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: Advice and Wealth Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial planning network, Intrinsic; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business. Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.
The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:
• The Multi-asset business is now Quilter Investors
• Intrinsic to Quilter Financial Planning
• The private client advisers business is now Quilter Private Client Advisers
• The UK Platform to Quilter Wealth Solutions
• The International business to Quilter International
• The Heritage life assurance business to Quilter Life Assurance
• Quilter Cheviot will retain its name.
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 or visit www.rns.com.
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