TIDMQLT
RNS Number : 0943W
Quilter PLC
21 April 2021
21 April 2021
Quilter plc
First Quarter 2021 Trading Statement
Quilter plc reports significantly improved net flows, led by
Quilter Investment Platform
Highlights: Client assets
-- Assets under Management and Administration ("AuMA") of
GBP119.9 billion at the end of March 2021 ( +26% from end March
2020 and +2% from 31 December 2020), with growth supported by
improved net flows, positive investment performance and
markets:
o First quarter gross sales of GBP3.8 billion (2020: GBP3.3
billion), an increase of 15% on the comparable period.
o Net inflows of GBP1.2 billion (2020: GBP0.5 billion), an
increase of 240% on the first quarter of 2020.
o Average 2021 AuMA of GBP118.2 billion (2020: GBP105.2
billion), an increase of 12%.
o Integrated flows of GBP1.0 billion (2020: GBP0.8 billion), an
increase of 25% on prior year.
-- Quilter Investment Platform delivered a 29% increase in gross
sales for the quarter of GBP2.2 billion (2020: GBP1.7 billion)
which, with stable persistency, led to a 100% increase in net
inflows to GBP1.0 billion (2020: GBP0.5 billion).
-- Improved flows from Quilter Cheviot, with net inflows of
GBP0.2 billion (2020: GBP0.1 billion) reflecting better retention
and stable gross sales.
-- Gross and net inflows were stable at Quilter Investors, and
improved investment performance in the 12 months to end March 2021
are expected to drive an improvement in flows over the course of
the year.
-- Consistent overall performance from Quilter International.
Highlights: Other
-- Sale of Quilter International for approximately GBP483
million announced on 1 April 2021. Publication of Class 1 Circular
anticipated in May 2021, with General Meeting to be scheduled in
June 2021. Continue to expect Completion around year-end 2021.
-- Share buyback programme resumed on 7 April 2021. As at 20
April 2021, 140.1 million shares had been acquired for cancellation
under Quilter's capital return programme, at a cost of GBP187.2
million representing an average price of 133.7 pence per share.
Quilter plc: Three months ended 31
March 2021
Quilter plc (GBPbn), unaudited Q1 2021 Q1 2020 % Change
---------------------------------------- ------- ------- ---------
AuMA 119.9 95.3 +26%
Gross sales 3.8 3.3 +15%
NCCF 1.2 0.5 +240%
as a percentage of opening AuMA 4% 2% -
Total integrated net flows 1.0 0.8 +25%
of which Quilter Financial Planning
generated 1.0 0.7 +43%
Defined Benefit to Defined Contribution
transfers 0.2 0.3 -33%
---------------------------------------- ------- ------- ---------
Paul Feeney, CEO of Quilter plc, commented:
"I am delighted with the significant improvement in both our
gross and net flows in the first quarter of 2021, with the UK
business, excluding Quilter International, delivering annualised
NCCF of 5% of opening AuMA. This has been led by our new Quilter
Investment Platform which achieved record gross flows in March
2021, exceeding monthly sales of GBP1 billion for the first time. I
have often described our platform as the beating heart of our
business and the opportunity it provides as being transformative
for Quilter. It is therefore particularly pleasing to see a
meaningful pick-up in the rate of platform sales.
I am also pleased to see the improvement in net flows in Quilter
Cheviot supported by improved retention, as well as broad stability
in flows at Quilter Investors and Quilter International. With
Quilter Investors having delivered a much improved one-year
investment performance in the period to end March 2021, we are
anticipating this, combined with well-established long-term
performance, will drive an increase in gross flows in the coming
months.
Finally, we have been pleased with shareholder feedback and
market reaction to the proposed sale of Quilter International. We
expect the formal Class 1 Circular to be mailed to shareholders in
the coming weeks and we look forward to receiving shareholder
approval for the sale at a General Meeting of the Company to be
scheduled in June."
Quilter plc data tables for the three months ended 31 March (GBPbn) -
unaudited
-----------------------------------------------------------------------------------------------
AuMA AuMA
as at Market as at
Q1 2021 gross flows, net 31 December Gross Gross and other 31 March
flows & AuMA (GBPbn) 2020 sales outflows Net flows movements 2021
---------------------------- ------------ ------ --------- --------- ---------- ---------
Quilter Investors 23.2 1.5 (1.3) 0.2 0.3 23.7
Quilter Cheviot(1) 25.3 0.7 (0.5) 0.2 (0.1) 25.4
Advice & Wealth Management 48.5 2.2 (1.8) 0.4 0.2 49.1
---------------------------- ------------ ------ --------- --------- ---------- ---------
Quilter Investment Platform 62.5 2.2 (1.2) 1.0 0.8 64.3
Quilter International 21.8 0.5 (0.4) 0.1 0.1 22.0
Wealth Platforms 84.3 2.7 (1.6) 1.1 0.9 86.3
---------------------------- ------------ ------ --------- --------- ---------- ---------
Elimination of intra-group
assets (15.0) (1.1) 0.8 (0.3) (0.2) (15.5)
Quilter plc 117.8 3.8 (2.6) 1.2 0.9 119.9
---------------------------- ------------ ------ --------- --------- ---------- ---------
AuMA AuMA
as at Market as at
Q1 2020 gross flows, net 31 December Gross Gross and other 31 March
flows & AuMA (GBPbn) 2019 sales outflows Net flows movements 2020
---------------------------- ------------ ------ --------- --------- ---------- ---------
Quilter Investors 21.6 1.5 (1.3) 0.2 (3.7) 18.1
Quilter Cheviot 24.2 0.7 (0.6) 0.1 (3.6) 20.7
Advice & Wealth Management 45.8 2.2 (1.9) 0.3 (7.3) 38.8
---------------------------- ------------ ------ --------- --------- ---------- ---------
Quilter Investment Platform 57.2 1.7 (1.2) 0.5 (8.2) 49.5
Quilter International 20.5 0.4 (0.3) 0.1 (2.2) 18.4
Wealth Platforms 77.7 2.1 (1.5) 0.6 (10.4) 67.9
---------------------------- ------------ ------ --------- --------- ---------- ---------
Elimination of intra-group
assets (13.1) (1.0) 0.6 (0.4) 2.1 (11.4)
Quilter plc 110.4 3.3 (2.8) 0.5 (15.6) 95.3
---------------------------- ------------ ------ --------- --------- ---------- ---------
(1. Note: Positive contribution from markets of GBP0.3 billion
in Quilter Cheviot has been offset by the re-classification of a
number of offshore portfolios from a legacy advisory service to an
execution-only service.)
Enquiries
Investor Relations:
John-Paul Crutchley +44 (0)7741 385 251
Keilah Codd +44 (0)7776 649 681
Media:
Jane Goodland +44 (0)7790 012 066
Tim Skelton-Smith +44 (0)7824 145 076
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 GBP119.9 billion in customer investments
(as at 31 March 2021).
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: Advice and Wealth
Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial planning
businesses (Quilter Private Client Advisers, Quilter Financial
Planning and Quilter Financial Advisers), the discretionary fund
management business (Quilter Cheviot) and the Multi-asset
investment solutions business (Quilter Investors). Wealth Platforms
includes the Old Mutual Wealth UK Platform and Quilter
International, including AAM Advisory in Singapore.
Since its IPO in June 2018, the Group's businesses have progressively
re-branded to Quilter. The UK Platform is the final business to rebrand
and this is expected to occur by mid-2021. The descriptor for the re-branded
businesses are:
Previous New
Intrinsic Quilter Financial Planning
Old Mutual Wealth Private Client
Advisers Quilter Private Client Advisers
Quilter Investors Quilter Investors
Quilter Cheviot Quilter Cheviot
UK Platform Quilter Investment Platform
International Quilter International
-------------------------------------
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.
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