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August 11, 2022

Quilter swings to £151m H1 profits; AuMA slips to £98.7bn

British wealth manager Quilter has recorded a net profit of £151m for the first half of 2022 compared with a net loss of £13m in the year ago half.

Adjusted profit before tax rose to £61 from £56m in the year ago period.

For the period ended in 30 June 2022, reported profit before tax attributable to equity holders rose to £182m from £21m a year ago.

The firm’s total net fee revenue during the period totalled £303m, a decline of £1m.

The interim dividend remained unchanged at 1.2 pence due to uncertain outlook. Adjusted diluted earnings per share fell by around 5% to 3.7p from 3.9p in H1 2021.

Assets under management and administration (AuMA) decreased to £98.7bn, a drop of 12% from £111.8bn at the end of December 2021, mainly because of adverse market situations.

The firm reported net inflows of £1.4bn as against £2bn a year ago. The decline was mainly attributed to reduced sales volumes, outflows on outside third-party platforms and others.

Portfolios managed under WealthSelect section have garnered £378m of net inflows in the first half of the year.

Quilter CEO Paul Feeney said: “Operating conditions in the first six months of 2022 have been challenging. Global equity markets have experienced one of the worst periods of negative performance in recent years and traditional 60:40 multi-asset portfolios have had their largest negative year-to-date return on record.

“In that context, our overall AuMA has been relatively resilient, down 12% to £98.7bn on the December 2021 level.

“Despite the market volatility, we generated net inflows of £1.6bn (H1 2021: £1.8bn) on the Quilter Investment Platform and a further £0.5bn of net inflows (H1 2021 £0.4bn) through our High Net Worth segment, modestly reducing the negative mark-to-market and third party platform net outflow impacts.”

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