Quilter has reported that its assets under management and administration (AuMA) totalled £96.9bn at the end third quarter of 2022, down 2% compared with £108.5bn a year ago.

The British wealth manager’s net inflows totalled £0.2bn at the end of 30 September 2022 as against £0.3bn in the second quarter and £1bn in year ago period.

Quilter noted that the Q3 has been a slow quarter for the firm due to increased market volatility and the rising cost of living.

The firm’s quarterly gross platform flows were £637m, down marginally £654m in the corresponding quarter last year.

Adviser productivity during the same period remained unchanged at £2.2m.

Quilter channel quarterly net inflows declined 8% to £430m from last year’s £469m.

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Quarterly net flows in the firm’s high net worth segment slipped to £222m from £329m in Q3 2021. At the end of September, the unit’s AuMA was £24.9bn. This was £25.2bn at the end of June.

Within the company’s affluent arm, gross flows reached £1.8bn with £58m of net flows in for the third quarter. The unit’s total AuMA slipped from £74.2m to £72.7m between end of June and end of September.

Quilter CEO Paul Feeney said: “While we are living through uncertain times, our business is well positioned to win in the UK Wealth market.

“I am pleased that we continue to deliver positive net flows even through the quietest quarter of this unprecedented year.

“The Quilter channel, in particular, has continued to deliver robust flows to our platform and the High Net Worth segment has continued to deliver a resilient performance.”

Feeney will step down from his position and will hand over the charge to Steven Levin, whose appointment will take effect on 1 November 2022.