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(Alliance News) - Quilter PLC said on Wednesday it ended 2023 on a "positive note", with quarterly net inflows improving and assets under management growing in the fourth quarter.
The London-based wealth manager reported that assets under management & administration rose 7.1% to GBP106.7 billion for as at December 31, up from GBP99.6 billion at December 31, 2022. AuMA were up 5% from GBP101.4 billion at September 30.
This performance reflected supportive markets into year-end combined with a contribution from net flows during the fourth quarter, the company said.
For the fourth quarter that ended December 31, gross flows rose to GBP11.18 billion, up 6.2% from GBP10.53 billion a year before, despite challenging market conditions.
Fourth-quarter core business net inflows of GBP175 million contrasted with net inflows of GBP242 million in the corresponding period of 2022, but were a "significant improvement" on the GBP1 million achieved in the third quarter.
"In what has been a tough year across the industry, we finished 2023 on a positive note with improved fourth quarter performance relative to the third," Quilter Chief Executive Officer Steven Levin said.
Levin said the company is "well positioned" for the current environment in 2024.
In London, shares in Quilter rose 3.2% at 101.90 pence on Wednesday morning. They gained 2.6% to ZAR24.32 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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