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October 25, 2018

Quilter client cash flows decline

Old Mutual Quilter, the British wealth manager that spun out of Old Mutual earlier this year, reported net client cash flow (NCCF) of £500m for the third quarter of 2018, a 61% slump compared to £1.3bn a year earlier.

Excluding Quilter Life Assurance, NCCF dropped 42% to £1.1bn from £1.9bn in the previous year.

Gross sales were £3.4bn during the quarter, a decrease of 17% from £4.1bn a year ago.

Assets under administration and administration totalled £118.1bn at the end of September 2018, up 3% compared to £114.4bn as at 31 December 2017.

Quilter CEO Paul Feeney said: “Over the last quarter more volatile investment markets and geopolitical uncertainty have contributed to weaker investor sentiment resulting in a market-wide reduction in net retail flows. Year to date flows across the market are down 55% on the comparable period according to the Investment Association.”

These results come after news that Quilter Old Mutual – a subsidiary of Quilter – has appointed a new CEO. Andy McGlone is to succeeds Martin Baines who has been at the helm of the discretionary fund manager for 15 years.

In September, Old Mutual Wealth Private Client Advisers, the national financial planning business of Old Mutual, dropped the Old Mutual name and rebranded to Quilter Private Client Advisers.

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