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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Quilter Plc | LSE:QLT | London | Ordinary Share | GB00BNHSJN34 | ORD 8 1/6P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 2.60 | 2.19% | 121.10 | 120.90 | 121.10 | 121.30 | 117.70 | 119.00 | 476,405 | 14:46:31 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Finance Services | 4.49B | 42M | 0.0299 | 40.17 | 1.66B |
From Jul 2022 to Jul 2024
TIDMQLT
RNS Number : 3132D
Quilter PLC
19 October 2022
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 GBP96.9 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 GBP100.1 billion, 5% lower than first half 2022 average AuMA of GBP105.3 billion.
-- Net inflows of GBP0.2 billion for Q3 (2021: GBP1.0 billion) versus GBP0.3 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 GBP637 million (Q3 2021: GBP654 million) demonstrating constant Quilter adviser productivity, with adviser productivity stable at GBP2.2 million. Quilter channel quarterly net inflows of GBP430 million (Q3 2021: GBP469 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 GBP222 million (Q3 2021: GBP329 million).
Hot Features
Premium
-- 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 (GBPbn) (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 (GBPm) 2,384 3,251
Net inflow (GBPm) 236 1,018
Productivity: Quilter channel gross sales
per Quilter Adviser (GBPm, 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.
Quilter plc: Nine months ended 30 September
2022
Quilter plc, unaudited Q3 2022 Q3 2021
-------------------------------------------------------- -------- --------
AuMA (GBPbn) 96.9 108.5
Gross flow (GBPm) 8,293 9,922
Net inflow (GBPm) 1,628 3,017
Productivity: Quilter channel gross sales
per Quilter Adviser (GBPm, 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 (GBPbn) - unaudited
Of which
managed
by Quilter
AuMA* AuMA* AuM as
as at Gross Net as at at
Q3 gross flows, net flows & AuMA 30 June flows* Flows* 30 September 30 September
(GBPbn), unaudited 2022 (GBPm) (GBPm) 2022 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 channel(1) 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.
Quilter plc data tables for the nine months ended 30 September 2022 (GBPbn) - unaudited
Of which
managed
by Quilter
AuMA* AuMA* AuM as
as at Gross Net as at at
2022 YTD gross flows, net flows 31 December flows* Flows* 30 September 30 September
& AuMA (GBPbn), unaudited 2021 (GBPm) (GBPm) 2022 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 channel(1) 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.
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 GBP96.9 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 (GBPbn) - unaudited
Of which
managed
by Quilter
AuMA* AuMA* AuM
as at Gross Net as at as at
Q3 gross flows, net flows & AuMA 30 June flows* Flows* 30 September 30 September
(GBPbn), unaudited 2021 (GBPm) (GBPm) 2021 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 channel(1) 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 (GBPbn) - unaudited
Of which
managed
by Quilter
AuMA* AuMA* AuM
as at Gross Net as at as at
2021 Q3 YTD gross flows, net flows 31 December flows* Flows* 30 September 30 September
& AuMA (GBPbn), unaudited 2020 (GBPm) (GBPm) 2021 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 channel(1) 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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END
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(END) Dow Jones Newswires
October 19, 2022 02:00 ET (06:00 GMT)
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