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Quilter PLC said on Monday it expected assets under management and under administration for 2022 to fall due to ‘adverse market movements’.
Based on preliminary figures, the London-based wealth manager expects to report full-year assets under management and under administration broadly similar to £96.9 billion as at the end of September, down from £111.8 billion as at December 31, 2021.
The group, which is in the process of preparing its year-end financial results, said this decrease was due adverse market movements, which was not enough to offset positive net flows.
Retention rates remained stable and gross flows for the final quarter remained resilient, while reflecting the normal seasonality of the business, the company said.
Overall, it said, net flows for the fourth quarter are expected to be modestly lower than that reported in the third quarter.
Quilter also said it had mandated JP Morgan Cazenove as sole structuring agent to the issuer, and BofA Securities, Citi and JP Morgan Cazenove as joint bookrunners to arrange a series of fixed income meetings.
A new sterling-denominated tier two bond is likely to follow, subject to market conditions.
Th group intends to use the proceeds from such tier two bond for its general corporate purposes, including the refinancing of its £200.0 million fixed rate reset subordinated notes.
Quilter shares were down 0.9% to 95.20 pence Monday in London. They were unchanged at R 19.75 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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