Quarterly net inflows into Quilter’s platform reached a record level of £1.5bn in the third quarter of the year, a trading update for the company has revealed.
This record level was driven by gross inflows and net inflows increasing by 22 per cent and 31 per cent respectively year-on-year.
Quilter also reported that its IFA channel gross inflows onto the platform increased by 76 per cent year-on-year, while net inflows increased by around £1bn on the comparable period to £821mn.
Quilter chief executive officer, Steven Levin, said: “After a very strong first half performance from our platform, we delivered an acceleration in momentum in the third quarter which led to record quarterly net inflows of nearly £1.5bn.
“This represented 7 per cent of opening assets on an annualised basis.”
Levin also pointed out that WealthSelect, Quilter’s MPS, continued to build on its 10-year track record of outperformance, managing an additional £1.4bn in new gross flows during the third quarter with a closing AUM of £17.4bn.
However, he also acknowledged that, while he is looking to the future with “confidence”, the upcoming UK Budget has introduced an unwelcome degree of uncertainty to the market.
“We believe that any meaningful changes proposed to the structure of UK pensions and savings should only be implemented after an appropriate period of industry-wide consultation,” he continued.
“Additionally, any changes should incorporate transitional arrangements, as has been the general practice to date.
“We look forward to continued engagement with the UK government in this regard.”
Additional reporting
The update also detailed that Quilter’s assets under management and administration had reached £116.2bn at the end of September 2024.
This represented an increase of 2 per cent which reflected net inflows, and higher market levels.
Meanwhile, in the business’s high net worth segment, recent improvement in new business momentum continued and outflows eased.
This included gross flows increasing to £817mn versus £775mn and £757mn in Q1 and Q2 respectively and lower outflows leading to third quarter inflows of £284mn.
Levin added: “In what is traditionally the slower summer quarter, we have delivered an excellent performance.
“Both of our segments contributed to a significantly improved outcome from an already strong first half base.”
tom.dunstan@ft.com
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