Wealth manager Quilter has reported an adjusted pre-tax profit of £233m for the year ended 31 December 2018 in its first full-year result as a stand-alone business.

This is an increase of 11% from last year’s figure of £209m.

Statutory pre-tax profit for the twelve months to December 2018 stood at £5m, versus a loss of £5m in 2017.

Operating margin at the firm, which was spun out of Old Mutual a year earlier, improved to 30% from 29%.

However, assets under management/administration (AUMA) dropped 4% to £109.3bn from £114.4bn in the previous year.

The decline in AUMA was said to be due to negative market performance, mainly in the final quarter of 2018.

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Net client cash flows (excluding Quilter Life Assurance) plunged 38% to £4.7bn from £7.6bn.

Net client cash flows for the advice and wealth management businesses slumped to £3.5bn from £4.4bn.

Quilter CEO Paul Feeney said: “Although deteriorating investor sentiment over the course of the year made net client cash flows more challenging, the resilience in our integrated flows demonstrated that our business model is generating real traction with our customers.”

“2019 will again be an important year for our business. We will substantially implement our new UK Platform, progress our optimisation plans which will help to drive up our operating margin in 2020 and 2021, and we will increase numbers of advisers and investment managers to deliver high quality solutions that our customers need,” Feeney added.