Quilter has reported a 26% year-on-year jump in total assets for the first quarter of 2021 driven by improved net flows, positive investment performance, and bounce back in markets.

The British investment manager said its assets under management and administration (AUMA) totalled to £119.9bn at the end of March 2021. This is compared to £95.3bn a year earlier and £117.8bn at the end of 2020.

Quilter Investment Platform, which is said to be the company’s largest business, brought in a 29% increase in gross sales of £2.2bn during the quarter, against a £1.7bn in the same period last year.

This has resulted in a 100% rise in net inflows to £1bn, the company noted.

Quilter CEO Paul Feeney said: “I am delighted with the significant improvement in both our gross and net flows in the first quarter of 2021, with the UK business, excluding Quilter International, delivering annualised NCCF of 5% of opening AuMA. This has been led by our new Quilter Investment Platform which achieved record gross flows in March 2021, exceeding monthly sales of £1bn for the first time.”

Quilter’s investment platform provides advice-based wealth management products and services in the UK. The company concluded an upgrade of the platform technology earlier this year.

Feeney added: “I have often described our platform as the beating heart of our business and the opportunity it provides as being transformative for Quilter. It is therefore particularly pleasing to see a meaningful pick-up in the rate of platform sales.”

Other highlights

Quilter saw £3.8bn gross sales during the first quarter, an increase of 15% on the comparable period. It net inflows jumped 240% to £1.2bn.

The company registered improved flows from Quilter Cheviot due to better retention and stable gross sales. The net inflows stood at £0.2bn.

Quilter Investors recorded stable gross and net inflows during the quarter.

Earlier this month, Quilter agreed to sell Quilter International to Utmost Group for approximately £483m. The deal is expected to close towards the end of the year.