London-based wealth manager Quilter says assets under management and administration (AuMA) edged higher in its latest quarter, helped by a modest pickup in equity markets and slightly lower bond yields.
At the end of the three months to December 31, the formerly unit of the Old Mutual group, oversaw £99.6bn (about R2.1-trillion) in customer investments, a 3% rise quarter on quarter.
Still, the average AuMA of £98.8bn for the reporting period remains about 10% lower than a year ago, when it was £110.0bn.
Asset managers struggled for new business in 2022 as markets slumped in the wake of the war in Ukraine and central banks aggressively hiked interest rates. In the case of Quilter, fourth-quarter net inflows slumped almost one-third from the previous three months to £159m and more than four-fifths from the same period a year earlier.
Quilter CEO Steven Levin said net flows for its 2022 financial year were below what the company aimed for, but he was pleased by the performance of its high net worth segment.
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