Wealth management company Quilter Plc has reported a rise in assets under management in the first half as the group built on the progress of the past two years and saw strong flow momentum across its business.
Total assets under management and administration (AuMA) increased by 6% in the six months ended June to £126.3bn, reflecting net inflows of £4.3bn and a positive contribution from markets despite US dollar weakness over the period.
Core net inflows of £4.5bn represented an annualised 8% of opening assets under management and administration, the group said on Wednesday.
Platform assets under administration increased by 8% to £92bn since year-end.
First half Platform net inflows of £4.2bn were up 92% on the first half of 2024.
Total assets under management by WealthSelect, the UK’s largest managed portfolio service, have risen 14% since December 2024. The High Net Worth segment delivered a strong improvement in net inflows to 3% (annualised) of opening assets.
The group’s adjusted profit before tax increased by 3% to £100m while revenue grew 2% to £337m, reflecting higher management fee revenue partially offset by lower investment revenue generated on shareholder funds.
An interim dividend of 2p per share was declared, up 18% from a year ago.
Quilter was formerly known as Old Mutual Wealth Management and its name was changed when it demerged from Old Mutual plc in 2018.
CEO Steven Levin said the group expected a broadly stable UK macroeconomic environment, gradually reducing interest rates and a pickup in real wages supporting increased saving and investment by households.
“I’m pleased with our start to 2025. Flow momentum remains excellent with our Affluent and High Net Worth segments both outperforming their market peers for level of inflows and growth as a percentage of opening assets.”
“We are approaching the end of our second simplification programme. By end-June, this had delivered £43m of cost savings on a run-rate basis. The remainder of the targeted £50m will be delivered by end 2025,”
However, the brand spend and business investment plans Quilter announced earlier this year will lead to a step-up in second half costs, and it expects this will largely offset the higher revenue contribution from its net flow momentum and positive markets.
“As a result, we currently anticipate that second half adjusted profit will be broadly equivalent to the first half level,” Levin said.
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