Quilter Share News (QLT)

(Sharecast News) - Quilter said it was expecting improved investor flows at its Quilter Investors business after group sales and inflows improved in the first quarter of 2021.
Gross sales rose 15% to £3.8bn in the three months to the end of March as assets under management rose to £119.9bn - up 26% from a year earlier and 2% over the quarter. Net inflows jumped to £1.2bn from £0.5bn from a year earlier when markets were hit by the emerging pandemic.

Quilter's investment platform achieved record flows. Gross sales on the platform rose 29% to £2.2bn from a year earlier and net inflows doubled to £1bn. Quilter Investors assets edged up to £23.7bn from £23.2bn as net flows stabilised.

Paul Feeney, Quilter's chief executive, said: "I am delighted with the significant improvement in both our gross and net flows in the first quarter of 2021. This has been led by our new Quilter investment platform which achieved record gross flows in March 2021, exceeding monthly sales of £1bn for the first time.

"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."

The FTSE 250 wealth manager announced the sale of its Quilter International business for £483m on 1 April. The deal is set to complete by the end of 2021. Feeney said shareholder feedback about the sale had been positive.

Quilter shares rose 0.3% to 165.8p at 08:50 BST.