(Sharecast News) - Wealth management firm Quilter saw shares rise on Wednesday after reporting that improving equity markets drove a strong performance in the first quarter.
Group assets under management and administration (AuMA) rose 5% over the three months to 31 March to £111.6bn. In fact, average AuMA for the first quarter was 6% head of the 2023 average, Quilter said.
"This reflected improved net inflows and higher equity markets, partially offset by rising bond yields in the quarter which reduced the market value of bond portfolios," the company explained.
Net inflows were £810m during the period, up from £409m in first quarter of 2023, with the Platform business seeing net inflows of more than £1bn - the highest level achieved in six years.
"We are pleased to report that our first quarter net flows are running at double the level experienced last year, reflecting the momentum in our business, actions we have taken and tentative signs of improving market sentiment," said chief executive Steven Levin.
The stock was up nearly 5% at 107.4p by 0953 BST.
Quilter (QLT)