Quilter reports strong rise in inflows in fourth quarter

24th Jan 2024 08:20

(Sharecast News) - Shares in Quilter rose on Wednesday after the advice, investments and wealth management group reported a rebound in net flows in the fourth quarter.

Assets under management and administration rose 5% to £106.7bn in the three months to 31 December, with net inflows of £175m compared with inflows of just £1m in the third quarter.

Full-year gross inflows were 16% higher in the High Net Worth segment during 2023 and up 12% in the Affluent segment.

Quilter said the strength of its Platform proposition and strategic actions taken "continues to be demonstrated by increased levels of new business despite challenging market conditions".

Commenting on recent trading, chief executive Steven Levin said: "Across the industry, 2023 saw a lot of focus on strategic positioning of businesses within a consumer duty context; we remain confident that our open and unbundled business model leaves us well positioned for the current environment."

The stock was up 4.4% at 103.05p by 0919 GMT.