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Quilter PLC said on Wednesday assets under management and administration fell in 2022 owing difficult market conditions.
The London-based wealth manager reported a 11% decline in AuMA to £99.6 billion as at December 31 from £111.8 billion in 2021. It also dropped from £110.0 billion in the fourth quarter a year prior, representing 9.5%
However, AuMA increased by 3% in the fourth quarter from £96.9 billion in the third quarter, reflecting a modest pick-up in equity markets and slightly lower bond yields in the final quarter.
For 2022, gross flow fell by 20% to £10.53 billion from £13.20 billion in 2021, while net inflow more than halved to £1.78 billion from £3.96 billion.
Net inflows tanked to £159 million in the fourth quarter from £236 million in the third quarter. Year-on-year, net inflows were down sharply from £950 million, reflecting that it called the ‘normal seasonality’ in the business relative to the third quarter 2022.
Quilter channel recorded a 14% drop in gross platform flows to £594 million in the fourth quarter from £691 million the same quarter in 2021.
‘Although net flows for 2022 were below the level we want to achieve, we finished the year on a solid note despite the usual seasonal slowdown towards the end of the quarter,’ said Chief Executive Steven Levin.
‘More broadly, the Quilter channel continued to deliver consistent flows to our platform and has maintained steady productivity throughout the year.’
Quilter shares were up 0.3% to 96.54 pence on Wednesday morning in London. They were 1.4% lower at R 20.39 in Johannesburg.
By Artwell Dlamini, Alliance News reporter
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