Quilter cautiously optimistic as performance improves first quarter

(Alliance News) - Quilter PLC said on Tuesday it remained "cautiously optimistic" on its 2023 prospects as the group sees signs of improvement in the first quarter of its financial year.

The London-based wealth manager reported a 2% improvement in assets under management and administration to GBP101.9 billion as at March 31, compared to the fourth quarter last year.

"This reflected net inflows and a modest pick-up in equity markets and slightly lower bond yields in the quarter," the company said.

Net inflows nearly doubled to GBP313 million for the first quarter to March 31 from GBP159 million in the fourth quarter.

But on an annual basis, Quilter's performance was weaker in the first half.

Assets under management and administration fell by 4.9% to GBP101.9 billion as at March 31 from GBP107.2 billion at March 31, 2022.

Net inflows were below the prior year, which reflected the start of was in Ukraine. Net inflow dropped to GBP313 million in the first quarter from GBP1.04 billion in the same period last year.

Gross flow declined by 16% to GBP2.82 billion in the first three months from GBP3.36 billion in the first quarter last year.

Quilter Chief Executive Steven Levin said he was pleased with the trends he had seen in the group's first-quarter flows.

"From a low base around the end of the year, each subsequent month has demonstrated an improvement on the prior period," Levin said. "There is good momentum in our business."

He said the group remained cautiously optimistic that, over the course of 2023, it will continue to see a gradual return of investor confidence and improving market levels.

"Our expectation is that this will support an improvement in flows over the course of the year," the chief executive said.

Quilter shares rose 1.4% to 83.20 pence on Tuesday morning in London. They were 1.4% higher at ZAR18.95 in Johannesburg.

By Artwell Dlamini, Alliance News reporter

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