Quilter core net inflows 'strong' during Q1

(Sharecast News) - Wealth management firm Quilter said on Wednesday that core net inflows were "strong" in Q1, continuing the momentum seen in late FY24. Quilter said Q1 core net inflows had surged 181% year-on-year to £2.27bn in the three months ended 31 March, while assets under management and administration were broadly unchanged year-on-year at £119.4bn.

In the FTSE 250-listed firm's high net worth segment, net inflows were up £16.0m at £119.0m, while Quilter's affluent segment said a 42% year-on-year increase in gross inflows to £4.19bn and a decrease in outflows.

However, Quilter did note that the outlook for market levels and interest rates was more uncertain than it had been at the time of its FY results just over a month ago, and stated that AuMA was estimated to be around 3% below the quarter-end level which, if sustained, would provide a headwind to 2025 revenues and profitability.

Chief executive Steven Levin said: "We have successfully managed our business through previous periods of market turbulence. Our advisers and investment managers remain highly engaged with our clients, and it is during volatile markets that the value of financial advice becomes most apparent.

"The assets we manage are largely long-term focused and, with the majority of our new business arising from asset consolidation, early second quarter indications point to a degree of resilience in flows. The structural growth opportunity in the UK wealth market remains and we continue to focus on our strategic initiatives and efficiency programmes. We remain confident that Quilter is well placed to navigate these uncertain macro challenges."

As of 0905 BST, Quilter shares were up 1.14% at 133.41p.

Reporting by Iain Gilbert at Sharecast.com