Quilter Reports Increase in Client Assets

Quilter PLC, a leading wealth management company in the United Kingdom, has reported a significant increase in client assets under management and administration (AuMA) for the first half of 2024. The company's AuMA reached £113.8 billion at the end of June 2024, marking a 7% increase from the end of December 2023. This growth was driven by both net inflows of £1.5 billion and positive market movements of £5.6 billion.

Quilter's strong performance in the first half of 2024 can be attributed to several strategic initiatives and cost management efforts. The company successfully migrated advisers and clients onto the new Quilter Investment Platform, leading to a substantial increase in gross flows onto the platform (58%) and a 63% increase in gross flows from independent financial advisers. Additionally, Quilter has implemented cost management strategies, reducing costs by £8 million from the 2021 base level of £480 million in 2022, and a further £14 million in 2023, taking the cost base to £458 million. This cost reduction contributed to an improvement in the operating margin to 27% in 2023.

Quilter's focus on attracting and retaining clients has been a key driver behind the growth in assets under management. The company has consistently delivered strong net inflows, particularly from the Quilter channel and the IFA channel. In the first half of 2024, core net inflows totalled £1.7 billion, an increase of 164% compared to the same period in 2023. This strong performance reflects the company's ability to attract new clients and retain existing ones through its investment platforms and services.

Quilter's cost management and operational efficiency have also contributed to the company's ability to increase client assets. By reducing costs and improving profitability, Quilter has been able to invest in growth initiatives, such as the Quilter Investment Platform, which has helped the company attract and retain clients. Additionally, Quilter's strategic initiatives and targets, such as doubling adjusted profit by the end of 2025 and achieving an operating margin of at least 25% and 30% by 2023 and 2025 respectively, have delivered results, with the business generating very strong inflows in 2024.

In conclusion, Quilter's increase in client assets reflects the overall market trends and investor sentiment in the financial sector, as well as the company's strategic initiatives and cost management efforts. By attracting and retaining clients, and investing in growth initiatives, Quilter has been able to increase its assets under management and administration, positioning the company for continued success in the future.