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Quilter PLC said on Wednesday net inflows and assets under management declined in the third quarter, reflecting a challenging market backdrop with both bond and equity values falling.
The London-based wealth manager recorded an 11% decrease in assets under management & administration to £96.9 billion at the end of September, from £108.5 billion in the same quarter last year.
This, it said, mirrored a challenging market backdrop over the summer with both bond and equity values declining.
In the third quarter, net inflow dropped sharply to £236 million from £1.02 billion a year ago. The third quarter is typically a seasonally slow quarter, with this exacerbated by increasing market volatility and cost-of-living pressures, reducing gross flows.
Over this period, gross flow slumped to £2.38 billion from £3.25 billion, while gross platform flows eased to £637 million from £654 million.
Quilter channel quarterly net inflows generated from Quilter advisers slipped to £430 million from £469 million, reflecting moderately higher levels of redemptions.
The company also confirmed that Steven Levin will succeed Paul Feeney as chief executive officer on November 1.
"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," Feeney said.
Quilter shares were down 3.1% to 90.32 pence early Wednesday in London. They were lower 2.5% in Johannesburg at R 18.63.
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