(Sharecast News) - Wealth manager Quilter warned on Monday that positive net flows throughout 2022 had been offset by adverse market movements.
Quilter said full-year assets under management and administration were now expected to be "broadly similar" to Q3's £96.9bn level, down from £111.8bn at the same time a year earlier.
The FTSE 250-listed group also highlighted that retention rates had remained "stable" and that gross flows for the final quarter were "resilient" while also reflecting the normal seasonality of the business.
"Therefore, overall, Q4 2022 net flows are expected to be modestly lower than Q3 2022 but remain positive," said Quilter.
As of 1620 GMT, Quilter shares were down 2.62% at 93.68p.
Reporting by Iain Gilbert at Sharecast.com
Quilter (QLT)