London-based Quilter said on Wednesday that its new technology platform helped net client inflows more than triple in its first quarter to end-March, with the wealth manager also optimistic about its prospects for the rest of year.
Net client inflows surged 240% year on year to £1.2bn (R24bn) in the group’s first quarter, with assets under management rising 26% to £119.9bn.
Quilter, listed in London and Johannesburg, has spent about £500m (R10bn) on a new technology platform that offers easier and more secure management of assets.
The new platform achieved record gross flows in March, exceeding monthly sales of £1bn for the first time, with Quilter saying on Wednesday that it expects improved inflows over the course of the year.
“I have often described our platform as the beating heart of our business and the opportunity it provides as being transformative for Quilter,” said CEO Paul Feeney in a statement.
“It is therefore particularly pleasing to see a meaningful pickup in the rate of platform sales,” Feeney said.
The group, which was hived off from Old Mutual in 2018 in a four-way break-up of the former financial services conglomerate, is seeking to position itself as the go-to shepherd of the super-rich’s money in the UK.
Earlier in April, Quilter announced it had agreed to sell its international business for £483m as it seeks to simplify its business and focus on the UK.
The business accounted for about 18% of Quilter’s assets under management at the end of March, with the sale still subject to shareholder approval.
The group said on Wednesday it was “pleased with shareholder feedback and market reaction” to the proposed sale, with a circular expected to be distributed in coming weeks, ahead of a vote in June.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.