Wealth manager Quilter has pushed up its assets under management in the first three months of the year after a surge in fresh inflows and a rebound in global equity markets.
In a trading statement today, the FTSE 250 money manager said its total assets under management had ticked up five per cent to £111.6bn by the end of March as core net inflows into the firm doubled on last year to £810m.
Quilter’s platform business achieved net flows of over £1bn during the quarter, the highest amount of cash flowing into the firm in its time as a listed company. Inflows via its independent financial adviser channel increased by 41 per cent on the same period, with net inflows increasing over 400 per cent to £423m.
The rebound in flows suggests investor nerves may be easing after a troubling two years for London’s money managers. Higher interest rates and volatility on equity markets have pushed investors toward safer cash holdings.
Boss Steven Levin said today there were signs of “improving market” sentiment and “momentum in our business”.
While Quilter has avoided the regulatory scrutiny of rival St James Place, the firm kicked off a review of its service in March to scrutinise the value for money for customers.
In the trading statement today, bosses said following discussions with the FCA, the review will be conducted by a “skilled person”.
“This is expected to commence shortly, and we will update the market on the outcome of the review in due course,” the firm added.
Over the past two years, regulatory scrutiny and investors’ nerves have weighed on valuations across the wealth management market.
However, Quilter has shrugged off the worst of the downturn amid a major cost-cutting programme, which is due to begin winding down in the coming months after targets were hit early. Shares in the firm have traded up around 25 per cent over the past 12 months.