Quilter plc Q3 2018 flows update
24 October 2018
QUILTER PLC REPORTS SOLID NCCF FOR Q3
Highlights
· Third quarter Net Client Cash Flow (NCCF) of £1.1 billion, excluding Quilter Life Assurance, was marginally ahead of the second quarter but below the high level achieved in Q3 2017, when market activity was significantly more buoyant.
· Year to date NCCF of £4.1 billion, represents 5% of opening Assets under Management and Administration (AuMA) on an annualised basis.
· Steady growth in AuMA to £118.1 billion despite mixed global market performance (up 3% year to date and up 1.4% from 30 June 2018 despite a decline of 1.7% in the FTSE 100 Index during the third quarter).
· £0.9 billion of integrated flows delivered during the quarter (of which £0.8 billion was from Quilter Financial Planning and Private Client Advisers). Total integrated flows of £3.0 billion year to date (+7%) further demonstrating the strength of our advice based business model.
Quilter plc highlights for the nine months ended 30 September 2018
|
Quilter plc (£bn) |
Q3 2018 YTD |
Q3 2017 YTD |
|
NCCF |
2.7 |
4.5 |
|
NCCF (excluding Quilter Life Assurance) |
4.1 |
5.3 |
|
NCCF/opening AuMA (excluding Quilter Life Assurance)1 |
5% |
8% |
|
Gross Sales |
11.5 |
12.7 |
|
Total integrated net flows (excluding Quilter Life Assurance) |
3.7 |
3.8 |
|
Of which Quilter Financial Planning & Private Client Advisers generated |
3.0 |
2.8 |
|
|
|
|
|
|
30 September 2018 |
31 December 2017 |
|
Assets under Management/Administration (AuMA) |
118.1 |
114.4 |
|
|
|
|
|
1 NCCF (annualised) as a % of opening AuMA (excluding Quilter Life Assurance)
|
|
|
|
Quilter plc highlights for the three months ended 30 September 2018 |
|
|
|
|
|
|
|
Quilter plc (£bn) |
Q3 2018 |
Q3 2017 |
|
NCCF |
0.5 |
1.3 |
|
NCCF (excluding Quilter Life Assurance) |
1.1 |
1.9 |
|
Gross Sales |
3.4 |
4.1 |
|
Total integrated net flows (excluding Quilter Life Assurance) |
0.9 |
1.4 |
|
Of which Quilter Financial Planning & Private Client Advisers generated |
0.8 |
1.0 |
Paul Feeney, CEO of Quilter plc, commented:
"Over the last quarter more volatile investment markets and geopolitical uncertainty have contributed to weaker investor sentiment resulting in a market-wide reduction in net retail flows. Year to date flows across the market are down 55% on the comparable period according to the Investment Association. Against this backdrop, I am pleased to report continued solid performance in NCCF of £1.1 billion (excluding Quilter Life Assurance) in the third quarter, marginally ahead of the second quarter. Worthy of note is the more cautious approach both we and the advisers who use our platform have taken towards defined benefit to defined contribution pension transfers. These totalled £0.3 billion in the third quarter of 2018 versus £0.6 billion in the comparable period of 2017.
Gross flows into Quilter Investors of £4.3 billion year to date were up 10% on a year earlier and gross sales within Quilter Wealth Solutions, our UK platform business, remained strong at £6.1 billion year to date, down 9% on the prior year despite the factors referenced earlier. This demonstrates the benefit of having both a substantial adviser workforce and an open channel actively supporting over 4,000 IFAs. We remain confident in the long term prospects for our business model. We look forward to reporting our full year results in March 2019."
|
Quilter plc data tables for the nine months ended 30 September 2018 (£bn) |
||||||
|
|
AuMA as at 31 December 2017 |
Gross inflows |
Gross outflows |
Net flows |
Market and other movements |
AuMA as at 30 September 2018 |
|
Quilter Investors |
16.9 |
4.3 |
(2.0) |
2.3 |
(0.4) |
18.8 |
|
Quilter Cheviot |
23.6 |
2.0 |
(1.4) |
0.6 |
0.2 |
24.4 |
|
Quilter Financial Planning |
1.2 |
- |
- |
- |
(0.1) |
1.1 |
|
Advice & Wealth Management |
41.7 |
6.3 |
(3.4) |
2.9 |
(0.3) |
44.3 |
|
Quilter Wealth Solutions |
50.2 |
6.1 |
(3.4) |
2.7 |
0.5 |
53.4 |
|
Quilter International |
19.3 |
1.3 |
(1.2) |
0.1 |
0.2 |
19.6 |
|
Quilter Life Assurance1 |
15.3 |
0.4 |
(1.9) |
(1.5) |
0.2 |
14.0 |
|
Wealth Platforms |
84.8 |
7.8 |
(6.5) |
1.3 |
0.9 |
87.0 |
|
Elimination of intra-group assets |
(12.1) |
(2.6) |
1.1 |
(1.5) |
0.4 |
(13.2) |
|
Quilter plc |
114.4 |
11.5 |
(8.8) |
2.7 |
1.0 |
118.1 |
|
|
AuMA as at 31 December 2016 |
Gross inflows |
Gross outflows |
Net flows |
Market and other movements |
AuMA as at 30 September 2017 |
|
Quilter Investors |
12.1 |
3.9 |
(1.5) |
2.4 |
0.8 |
15.3 |
|
Quilter Cheviot |
20.7 |
2.2 |
(1.2) |
1.0 |
1.3 |
23.0 |
|
Quilter Financial Planning |
- |
- |
- |
- |
1.2 |
1.2 |
|
Advice & Wealth Management |
32.8 |
6.1 |
(2.7) |
3.4 |
3.3 |
39.5 |
|
Quilter Wealth Solutions |
41.4 |
6.7 |
(3.4) |
3.3 |
2.9 |
47.6 |
|
Quilter International |
16.9 |
1.5 |
(0.9) |
0.6 |
0.5 |
18.0 |
|
Quilter Life Assurance1 |
15.5 |
1.0 |
(2.2) |
(1.2) |
0.8 |
15.1 |
|
Wealth Platforms |
73.8 |
9.2 |
(6.5) |
2.7 |
4.2 |
80.7 |
|
Elimination of intra-group assets |
(8.4) |
(2.6) |
1.0 |
(1.6) |
(0.6) |
(10.6) |
|
Quilter plc |
98.2 |
12.7 |
(8.2) |
4.5 |
6.9 |
109.6 |
|
1 Includes other shareholder AuMA of £0.4bn included in Q3 2018 (Q4 2017: £0.2bn, Q4 2016: £0.2bn and Q3 2017: £0.1bn). |
||||||
|
Quilter plc data tables for the three months ended 30 September 2018 (£bn) |
||||||
|
|
AuMA as at 30 June 2018 |
Gross inflows |
Gross outflows |
Net flows |
Market and other movements |
AuMA as at 30 September 2018 |
|
Quilter Investors |
18.4 |
1.3 |
(0.8) |
0.5 |
(0.1) |
18.8 |
|
Quilter Cheviot |
24.1 |
0.5 |
(0.4) |
0.1 |
0.2 |
24.4 |
|
Quilter Financial Planning |
1.2 |
- |
- |
- |
(0.1) |
1.1 |
|
Advice & Wealth Management |
43.7 |
1.8 |
(1.2) |
0.6 |
- |
44.3 |
|
Quilter Wealth Solutions |
52.3 |
1.8 |
(1.2) |
0.6 |
0.5 |
53.4 |
|
Quilter International |
19.2 |
0.4 |
(0.4) |
- |
0.4 |
19.6 |
|
Quilter Life Assurance1 |
14.5 |
0.1 |
(0.6) |
(0.5) |
- |
14.0 |
|
Wealth Platforms |
86.0 |
2.3 |
(2.2) |
0.1 |
0.9 |
87.0 |
|
Elimination of intra-group assets |
(13.2) |
(0.7) |
0.5 |
(0.2) |
0.2 |
(13.2) |
|
Quilter plc |
116.5 |
3.4 |
(2.9) |
0.5 |
1.1 |
118.1 |
|
|
AuMA as at 30 June 2017 |
Gross inflows |
Gross outflows |
Net flows |
Market and other movements |
AuMA as at 30 September 2017 |
|
Quilter Investors |
14.1 |
1.4 |
(0.5) |
0.9 |
0.3 |
15.3 |
|
Quilter Cheviot |
22.5 |
0.7 |
(0.3) |
0.4 |
0.1 |
23.0 |
|
Quilter Financial Planning |
1.2 |
- |
- |
- |
- |
1.2 |
|
Advice & Wealth Management |
37.8 |
2.1 |
(0.8) |
1.3 |
0.4 |
39.5 |
|
Quilter Wealth Solutions |
45.9 |
2.3 |
(1.1) |
1.2 |
0.5 |
47.6 |
|
Quilter International |
17.8 |
0.4 |
(0.2) |
0.2 |
- |
18.0 |
|
Quilter Life Assurance1 |
15.6 |
0.2 |
(0.9) |
(0.7) |
0.2 |
15.1 |
|
Wealth Platforms |
79.3 |
2.9 |
(2.2) |
0.7 |
0.7 |
80.7 |
|
Elimination of intra-group assets |
(9.8) |
(0.9) |
0.2 |
(0.7) |
(0.1) |
(10.6) |
|
Quilter plc |
107.3 |
4.1 |
(2.8) |
1.3 |
1.0 |
109.6 |
|
1 Other shareholder AuMA of £0.4bn included in Q3 2018 (Q2 2018: £0.4bn, Q2 2017: £nil and Q3 2017: £0.1bn). |
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Business unit descriptor: |
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Previous |
New |
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Intrinsic |
Quilter Financial Planning |
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Old Mutual Wealth Private Client Advisers |
Quilter Private Client Advisers |
|
UK Platform |
Quilter Wealth Solutions |
|
International |
Quilter International |
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Heritage |
Quilter Life Assurance |
Enquiries
Investor Relations |
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John-Paul Crutchley |
UK |
+44 20 7002 7016 |
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Media |
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Vee Montebello |
UK |
+44 20 7778 9550 |
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Camarco |
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Geoffrey Pelham-Lane |
UK |
+ 44 20 3757 4985 |
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Aprio (South Africa) |
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Julian Gwillim |
SA |
+ 27 11 880 0037 |
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.
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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