Quilter has reported that its assets under management and administration (AuMA) was £99.6bn at the end of financial year 2022, down 11% compared with £111.8bn a year ago.

This decline was mainly driven by adverse market movements, the company said.

For the period ended 31 December 2022, the British wealth manager’s gross flows totalled £10.5bn, a fall of 20% from £13.2bn in 2021.

Net inflows dropped by 55% to £1.8bni from £4bn.

Pre-tax International Financial Reporting Standards (IFRS) from continuing operations attributable to equity holders rose to £199m from the prior year’s £12m.

The group’s IFRS profit after tax from continuing operations also increased to £175m from £23m.

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Adjusted profit before tax dipped slightly to £134m from £138m in 2021, while operating margin remained same at 22%.

Revenues at the firm was mostly stable at £606m last year as against £618m a year ago, mainly due to net interest income on corporate cash balances and improved expense discipline resulting in a reduction in costs.

Adjusted diluted earnings per share (EPS) from existing operations was 7.9p, with recommended total dividend per share from current businesses reached 4.5p in 2022.

Basic earnings per share from continuing operations was 12.2p last year versus 1.4p in the prior year.

Quilter CEO Steven Levin said: “Delivering a broadly similar 2022 operating performance to 2021 was a pleasing outturn given more challenging market conditions during the year.

“Since my appointment as chief executive in November 2022, I have been focussing on what more we need to do to realise Quilter’s potential. While we are well positioned across the UK wealth industry, I believe we can go further to improve performance.

“My plan is to build on our existing distribution strengths, enhance our client propositions and drive greater efficiency across our business to ensure we deliver faster growth and higher profitability.”