Wealth management company Quilter reported that third-quarter net inflows increased to £1.4bn, materially higher than strong first and second quarter levels.
The group also reported record quarterly Platform net inflows of £1.5bn.
“In what is traditionally the slower summer quarter, we have delivered an excellent performance,” CEO Steven Levin said in a trading statement on Wednesday.
“Both of our segments contributed to a significantly improved outcome from an already strong first half base.
“Third-quarter core net inflows of £1.5bn and reported net inflows of £1.4bn represented 5% of opening assets on an annualised basis at both a core and reported level,” he said.
The third-quarter net inflows were significantly higher than the strong first and second quarter levels of £810m and £923m, respectively.
Group assets under management and administration (AUMA) of £116.2bn at end-September were 2% higher, reflecting net inflows and higher market levels; this was partially offset by the appreciation of the pound.
In the high net worth segment, recent improvement in new business momentum was sustained and outflows eased from recent elevated levels. Gross flows increased to £817m from £775m and £757m in the first and second quarters, respectively.
Lower outflows led to third quarter net inflows of £284m, representing 4% (annualised) of opening AUMA.
The group’s affluent segment delivered another strong quarter, with year-on-year increases in gross inflows of 50% to £3.3bn and lower outflows led to third-quarter net inflows of £1.32bn, representing 6% (annualised) of opening AUMA, the group said.
Quilter channel gross inflows and net inflows onto the platform increased by 22% and 31% respectively year-on-year.
“While we look to the future with confidence, the upcoming UK budget has introduced an unwelcome degree of uncertainty to the market,” said Levin.
“Given the importance of a stable tax and regulatory framework for individuals to plan their financial future with confidence, 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.
“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.”
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