Connect with us

Hi, what are you looking for?

Bnreport Business News Report

Politics

Quilter sees weaker inflows as coronavirus disruption takes toll

Quilter PLC (LON:QLT, the wealth management group, has reported an increase in assets under manageme..

Quilter PLC (LON:QLT, the wealth management group, has reported an increase in assets under manageme..

Quilter PLC (LON:QLT, the wealth management group, has reported an increase in assets under management even though coronavirus disruption, Brexit uncertainty and a platform migration affected new business.

Net inflows were flat at £0.1bn in the three months to end September 2020 but a £2bn markets improvement lifted total assets under management to £109.5bn from £107.4bn at end June.

Quilter said it expects to complete the second major migration of advisers and clients from previous owner Old Mutual’s platform by the last weekend of November 2020.

In a statement, Paul Feeney, Quilter's chief executive, said: "Despite a more challenging market backdrop, we are pleased with the substantial year-on-year improvement in net flows."

“As expected, third-quarter net flows were seasonally weaker than the first half of the year due to the Covid-19 induced economic slowdown, our planned platform migration in the final quarter and the re-emergence of Brexit related concerns towards the end of the quarter.

“Current trading continues to be in line with our expectations,” he added.

Broker finnCap forecasts profit before tax will be down 45% in the current year at £127.7mln with the dividend estimated to move to 4.19p.

"Quilter shares look to be losing momRead More – Source
[contf]
[contfnew]

Proactiveinvestors

[contfnewc]
[contfnewc]

You May Also Like

Tech

Enlarge/ You wouldn't really want to use Nvidia's ..

Politics

Sed ut perspiciatis unde omnis iste natus error sit voluptatem accusantium doloremque laudantium, totam rem aperiam, eaque ipsa quae.

Tech

Enlarge Oliver Morris/Getty Images) In response to an Ars re..

Finance

Lorem ipsum dolor sit amet, consectetur adipisicing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua.

%d bloggers like this: