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Quilter plc (JSE:QLT) News - First Quarter 2022 Trading Statement
QUILTER PLC
Incorporated under the Companies Act 1985 with registered number 06404270 and re-registered as a public limited company under the Companies Act 2006)
ISIN CODE: GB00BDCXV269
JSE SHARE CODE: QLT
Quilter plc (the "Company")
20 April 2022
Quilter plc
First Quarter 2022 Trading Statement
Quilter plc reports resilient gross and net flows for first quarter 2022 despite market uncertainty
Quilter plc highlights:
• Assets under Management and Administration (“AuMA”) of £107.2 billion at the end of March 2022, a decline of 4% from 31 December 2021.
o Average AuMA for the first quarter of £107.6 billion was modestly ahead of 2021 full year average of £105.3 billion.
• Net inflows of £1.0 billion (2021: £1.0 billion) despite the volatile market backdrop, representing 4% of opening AuMA annualised (2021: 4%).
o Annualised net inflows from Quilter channels were 18% and 16% of opening AuMA in Affluent and HNW segments respectively.
• Strong early net flow momentum in the quarter was impacted by market uncertainty following the outbreak of conflict in Ukraine in late February.
• Continued improvement in adviser productivity with annualised gross flow per adviser up 14% to £2.5 million.
Quilter plc: Three months ended 31 March 2022
Quilter plc, unaudited Q1 2022 Q1 2021
AuMA (£bn) 107.2 101.0
Of which are administered by Affluent 70.7 65.7
Of which are managed by Affluent 24.5 23.7
Of which are in High Net Worth 27.5 25.4
Gross flow (£m) 3,366 3,379
Net inflow (£m) 1,049 1,041
Productivity: Quilter channel gross sales per Quilter Adviser (£m, annualised) 2.5 2.2
Paul Feeney, Chief Executive Officer of Quilter plc, commented:
“As I mentioned at the time of our Full Year Results in March, net inflows in the first two months of the year were comfortably ahead of the
comparable period in 2021 but the invasion of Ukraine in late February dampened investor sentiment for most of March. Our resilient overall
performance throughout this period has underlined both the strength of our advice-based model and demonstrated the potential of our transformed
business.
“I am particularly pleased to report higher gross and net inflows from our Quilter channel onto our new platform. I am also delighted that our High
Net Worth segment maintained the strong momentum on which it finished 2021. Quilter Investors’ net inflows were impacted by previously flagged
fund closures of £61 million during the quarter (Q1 2021: £83 million).
“We have built a business for the long-term and remain confident in our potential and ability to drive growth and deliver efficiency. Markets may
remain challenging, but we are focussed on execution and are well positioned to take advantage of the opportunities ahead.”
Quilter plc data tables for the three months ended 31 March (£bn) – unaudited
Of which
Quilter
solutions
AuMA AuM
as at Gross Net AuMA as at
31 December flows flows as at 31 31 March
Q1 2022 gross flows, net flows & AuMA (£bn), unaudited 2021 (£m) (£m) March 2022 2022
AFFLUENT SEGMENT
Quilter channel 11.7 713 523 11.5 7.5
IFA channel 60.0 1,599 515 57.8 7.6
Non-core business 1.5 24 (1) 1.4 -
Sub-total (Quilter Platform) 73.2 2,336 1,037 70.7 15.1
Via other platforms
Quilter channel 4.7 198 (10) 4.1 4.5
IFA channel 2.5 94 (164) 2.4 2.4
Non-core businesses 2.7 48 (78) 2.5 2.5
Sub-total 9.9 340 (252) 9.0 9.4
Total Affluent Segment 83.1 2,676 785 79.7 24.5
HIGH NET WORTH SEGMENT
Quilter channel 2.5 120 99 2.5 2.5
IFA channel incl. Direct 26.2 570 165 25.0 25.0
Total High Net Worth Segment 28.7 690 264 27.5 27.5
Quilter plc 111.8 3,366 1,049 107.2 52.0
AuMA breakdown:
Affluent administered only (Quilter Platform) 55.9 1,616 766 53.6 -
Affluent managed and administered (Quilter Platform) 17.3 720 271 17.1 15.1
Affluent external platform (External platforms) 9.9 340 (252) 9.0 9.4
HNW managed and administered 28.7 690 264 27.5 27.5
Quilter channel 18.9 1,031 612 18.1 14.5
IFA channel 88.7 2,263 516 85.2 35.0
Non-core business 4.2 72 (79) 3.9 2.5
Of which
Quilter
solutions
AuMA AuMA AuM
as at Gross Net as at as at
31 December flows flows 31 March 31 March
Q1 2021 gross flows, net flows & AuMA (£bn), unaudited 2020 (£m) (£m) 2021 2021
AFFLUENT SEGMENT
Quilter channel 9.6 613 435 9.9 6.5
IFA channel 52.8 1,625 584 54.4 7.1
Non-core business 1.4 24 (3) 1.4 0.2
Sub-total (Quilter Platform) 63.8 2,262 1,016 65.7 13.8
Via other platforms
Quilter channel 4.7 256 84 4.9 4.9
IFA channel 2.4 105 (161) 2.3 2.3
Non-core businesses 2.8 53 (105) 2.7 2.7
Sub-total 9.9 414 (182) 9.9 9.9
Total Affluent Segment 73.7 2,676 834 75.6 23.7
HIGH NET WORTH SEGMENT
Quilter channel 2.1 126 95 2.2 2.2
IFA channel incl. Direct 23.2 577 112 23.2 23.2
Total High Net Worth Segment 25.3 703 207 25.4 25.4
Quilter plc 99.0 3,379 1,041 101.0 49.1
AuMA breakdown:
Affluent administered only (Quilter Platform) 49.2 1,537 564 50.4 -
Affluent managed and administered (Quilter Platform) 14.6 725 452 15.3 13.8
Affluent external platform (External platforms) 9.9 414 (182) 9.9 9.9
HNW managed and administered 25.3 703 207 25.4 25.4
Quilter channel 16.4 995 614 17.0 13.6
IFA channel 78.4 2,307 535 79.9 32.6
Non-core business 4.2 77 (108) 4.1 2.9
Enquiries
Investor Relations:
John-Paul Crutchley +44 (0)7741 385 251
Keilah Codd +44 (0)7776 649 681
Media:
Gregor Davidson +44 (0)7917 522 784
Camarco:
Geoffrey Pelham-Lane +44 (0)20 3757 4985
Company Secretary:
Patrick Gonsalves +44 (0)20 7778 9670
About Quilter plc
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and
tomorrow. Quilter plc oversees £107.2 billion in customer investments (as at 31 March 2022).
It has an adviser and customer offering spanning: financial advice, investment platforms, multi-asset investment solutions, and discretionary fund
management.
The business is comprised of two segments: Affluent and High Net Worth.
Affluent encompasses the financial planning businesses, Quilter Financial Planning, the Quilter Investment Platform and Quilter Investors, the Multi-
asset investment solutions business.
High Net Worth includes the discretionary fund management business, Quilter Cheviot, together with Quilter Private Client Advisers.
Disclaimer
This announcement may contain certain forward-looking statements with respect to certain Quilter plc’s plans and its current goals and expectations
relating to its future financial condition, performance and results.
By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond
Quilter plc’s control including amongst other things, international and global economic and business conditions, market related risks such as
fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the
timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other
legislation and other regulations in the jurisdictions in which Quilter plc and its affiliates operate. As a result, Quilter plc’s actual future financial
condition, performance and results may differ materially from the plans, goals and expectations set forth in Quilter plc’s forward-looking statements.
Quilter plc undertakes no obligation to update the forward-looking statements contained in this announcement or any other forward-looking statements
it may make. Nothing in this announcement should be construed as a profit forecast.
JSE Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
Date: 20-04-2022 08:00:00
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