Financial services giant Quilter has experienced a significantly positive first quarter of 2021 with assets under management and administration (AuMA) soaring by 26% compared to the same period last year.
This also marks a 2% rise to nearly £120bn ($166bn, €138bn) from Q4 2020.
The growth was largely led by its investment platform, after completing its migration in February 2021, which reported a 29% increase in gross sale for the first three months of the year to £2.2bn, compared with £1.7bn in the same period in 2020.
The firm said this led to a 100% increase in net inflows to £1bn, from the £500m last year.
Quilter Cheviot reported improved flows as well, with net inflows reaching around £200m compared to £100m in Q1 2020.
Gross and net inflows were stable at Quilter Investors, but enhanced investment performance in the last 12 months is expected to drive improvement over the course of the next year.
Quilter International also reported consistent performance in the months preceding the announcement of its sale to Utmost International for approximately £483m.
Improvements
Paul Feeney, chief executive of Quilter, said: “I am delighted with the significant improvement in both our gross and net flows in the first quarter of 2021, with the UK business, excluding Quilter International, delivering annualised NCCF of 5% of opening AuMA.
“This has been led by our new Quilter Investment Platform which achieved record gross flows in March 2021, exceeding monthly sales of £1bn for the first time. I have often described our platform as the beating heart of our business and the opportunity it provides as being transformative for Quilter. It is therefore particularly pleasing to see a meaningful pick-up in the rate of platform sales.
“I am also pleased to see the improvement in net flows in Quilter Cheviot supported by improved retention, as well as broad stability in flows at Quilter Investors and Quilter International.
“With Quilter Investors having delivered a much improved one-year investment performance in the period to end March 2021, we are anticipating this, combined with well-established long-term performance, will drive an increase in gross flows in the coming months.
“Finally, we have been pleased with shareholder feedback and market reaction to the proposed sale of Quilter International. We expect the formal Class 1 Circular to be mailed to shareholders in the coming weeks and we look forward to receiving shareholder approval for the sale at a general meeting of the company to be scheduled in June.”
