Wrap Text
First Quarter 2025 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: GB00BNHSJN34
JSE SHARE CODE: QLT
Quilter plc (the "Company")
23 April 2025
Quilter plc
First Quarter 2025 Trading Statement
Quilter reports strong first quarter core net inflows up 181% on the prior year period, representing 8% (annualised) of opening AuMA
Quilter plc highlights:
• Group Assets under Management and Administration ("AuMA"): £119.6 billion at end March 2025, broadly unchanged from the year-end level
of £119.4 billion. This reflects reported net inflows of 7% (annualised) of opening AuMA, offset by market declines and Sterling appreciation
during the quarter.
• First quarter core net inflows of £2,276 million, represented 8% (annualised) of opening AuMA (Q1 2024: 3%). First quarter core net inflows were
181% higher than the comparable period in 2024 and were 16% higher than the then record fourth quarter 2024 level.
o In the High Net Worth segment, new business momentum was solid:
- Gross inflows of £765 million were broadly in line with the recent quarterly run-rate.
- Net inflows of £119 million (Q1 2024: £93 million), represented 2% (annualised) of opening AuMA.
o The Affluent segment delivered another strong quarter, with:
- A 42% year-on-year increase in gross inflows to £4,190 million (Q1 2024: £2,956 million).
- Lower year-on-year outflows contributed to a 179% increase in net inflows of £2,198 million (Q1 2024: £788 million), representing
10% (annualised) of opening AuMA.
The strength of our Platform proposition continues to be demonstrated by significantly higher business volumes:
- First quarter Quilter channel gross and net inflows onto the Platform increased by 12% and 15% respectively year-on-year.
- IFA channel gross inflows onto the Platform increased by 63% year-on-year. IFA channel net inflows of £1,573 million were
significantly higher than the comparable period (Q1 2024: £423 million).
- Record quarterly net inflows of £2,293 million during the first quarter, representing 11% (annualised) of opening AuMA versus £1,048
million or 6% of opening AuMA in the first quarter of 2024.
• Persistency levels in the quarter were broadly stable at 91% in both segments.
• Productivity: Quilter channel annualised gross sales per Quilter Adviser were £3.4 million in the first quarter, modestly higher year-on-year.
Quilter plc: Three months ended 31 March 2025
Quilter plc, unaudited Q1 2025 Q1 2024
AuMA: Reported (£bn) 119.6 111.6
Of which are administered on the UK Platform 86.6 77.8
Of which are administered on external platforms 5.8 6.8
Of which High Net Worth 28.7 28.1
Gross flow: Reported (£m) 4,895 3,646
Net inflow: Core (£m) 2,276 810
Net inflow: Reported (£m) 2,180 707
Productivity: Quilter channel gross sales per Quilter Adviser (£m, annualised) 3.4 3.3
Steven Levin, Chief Executive Officer of Quilter plc, commented:
"I am pleased with our first quarter flow performance which has continued the momentum seen in late 2024. These results continue to demonstrate
the strength of the Quilter dual channel distribution model. In Affluent, our Platform flows reached 11% (annualised) of opening AuMA and in High Net
Worth, the net inflows as a percentage of opening assets were 2%, in line with the 2024 out-turn.
"Market indices weakened during the first quarter, with the impact of this broadly offsetting our net inflow performance. Thus far in the second quarter
we have seen significant volatility across all asset classes, as bond and equity markets have reacted to proposed US tariffs. As a result, the outlook
for market levels and interest rates is more uncertain than at our Full Year results just over a month ago. Our most recent estimate of AuMA (at 17
April) is around 3% below the quarter end level which, if sustained, would provide a headwind to 2025 revenues and profitability.
"We have successfully managed our business through previous periods of market turbulence. Our advisers and investment managers remain highly
engaged with our clients, and it is during volatile markets that the value of financial advice becomes most apparent. The assets we manage are largely
long-term focused and, with the majority of our new business arising from asset consolidation, early second quarter indications point to a degree of
resilience in flows. The structural growth opportunity in the UK wealth market remains and we continue to focus on our strategic initiatives and
efficiency programmes. We remain confident that Quilter is well placed to navigate these uncertain macro challenges."
Enquiries
Investor Relations:
John-Paul Crutchley +44 (0) 7741 385 251
Maheet Harry +44 (0) 7779 613 940
Media:
Tim Skelton-Smith +44 (0) 7824 145 076
Camarco:
Geoffrey Pelham-Lane +44 (0) 7733 124 226
Ben Woodford +44 (0) 7990 653 341
Company Secretary:
Clare Barrett +44 (0) 7741 384 512
About Quilter plc
Quilter plc is a leading provider of financial advice, investments and wealth management, committed to being the UK's best wealth manager for clients
and their advisers.
Quilter oversees £119.6 billion in customer investments as at 31 March 2025.
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 and financial planning business, Quilter Cheviot.
Disclaimer
This announcement may contain 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, the implications and economic impact of the conflict in Ukraine and the Middle-East, 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.
Quilter plc data tables for the three months ended 31 March 2025 (£bn) – unaudited
Of which
managed by
AuMA AuMA Quilter
as at Gross Net as at AuM as at
31 December flows flows 31 March 31 March
2025 Q1 gross flows, net flows & AuMA (£bn), unaudited 2024 (£m) (£m) 2025 2025
AFFLUENT SEGMENT
Quilter channel1 19.1 1,075 697 19.0 15.3
IFA channel on Quilter Investment Platform 67.5 2,996 1,573 68.5 12.8
Funds via third-party platform 1.9 119 (72) 2.0 2.0
Total Affluent segment core business 88.5 4,190 2,198 89.5 30.1
HIGH NET WORTH SEGMENT
Quilter channel 3.6 182 133 3.6 3.6
IFA channel incl. Direct 25.9 583 (14) 25.1 25.1
Total High Net Worth segment 29.5 765 119 28.7 28.7
Inter-Segment Dual Assets2 (1.7) (83) (41) (1.5) (0.4)
Quilter plc core business 116.3 4,872 2,276 116.7 58.4
Non-core 3.1 23 (96) 2.9 1.7
Quilter plc reported 119.4 4,895 2,180 119.6 60.1
Affluent AuMA breakdown (incl. Non-core):
Affluent administered only 60.2 2,775 1,644 60.6
Affluent managed and administered 25.2 1,220 649 26.0
Quilter Platform Sub-Total 3
85.4 3,995 2,293 86.6
Affluent external platform 6.2 218 (191) 5.8
Affluent Total (Including Non-core) 91.6 4,213 2,102 92.4
1
Quilter channel first quarter Platform discrete gross flows and net flows were £996m and £750m respectively, with closing AuMA of £16.9bn.
2
Inter-segment dual assets reflect funds managed by Quilter Cheviot and administered by Quilter Investors and the Quilter Cheviot managed portfolio service solutions
available to advisers on the Quilter Investment Platform. This is excluded from total AuMA to ensure no double count takes place.
3
The Quilter Platform includes £3m of gross flows, £30m of net outflows and £1.2bn of closing AuA related to non-core assets.
Quilter plc data tables for the three months ended 31 March 2024 (£bn) – unaudited
Of which
managed by
AuMA AuMA Quilter
as at Gross Net as at AuM as at
31 December flows flows 31 March 31 March
2024 Q1 gross flows, net flows & AuMA (£bn), unaudited 2023 (£m) (£m) 2024 2024
AFFLUENT SEGMENT
Quilter channel1 17.2 1,033 506 17.3 13.6
IFA channel on Quilter Investment Platform 58.7 1,833 423 62.0 11.6
Funds via third-party platform 1.6 90 (141) 1.9 1.9
Total Affluent segment core business 77.5 2,956 788 81.2 27.1
HIGH NET WORTH SEGMENT
Quilter channel 2.9 184 142 3.1 3.1
IFA channel incl. Direct 24.1 591 (49) 25.0 25.0
Total High Net Worth segment 27.0 775 93 28.1 28.1
Inter-Segment Dual Assets2 (1.1) (109) (71) (1.1) (0.3)
Quilter plc core business 103.4 3,622 810 108.2 54.9
Non-core 3.3 24 (103) 3.4 2.1
Quilter plc reported 106.7 3,646 707 111.6 57.0
Affluent AuMA breakdown (incl. Non-core):
Affluent administered only 53.2 1,675 512 55.4
Affluent managed and administered 20.6 1,056 536 22.4
Quilter Platform Sub-Total3 73.8 2,731 1,048 77.8
Affluent external platform 7.0 249 (363) 6.8
Affluent Total (Including Non-core) 80.8 2,980 685 84.6
1
Quilter channel first quarter Platform discrete gross flows and net flows were £893m and £652m respectively, with closing AuMA of £14.5bn.
2
Inter-segment dual assets reflect funds managed by Quilter Cheviot and administered by Quilter Investors and the Quilter Cheviot managed portfolio service solutions
available to advisers on the Quilter Investment Platform. This is excluded from total AuMA to ensure no double count takes place.
3
The Quilter Platform includes £5m of gross flows, £27m of net outflows and £1.3bn of closing AuA related to non-core assets.
JSE Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
Date: 23-04-2025 08:00:00
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