Volatile markets hit Quilter quarterly inflows

Wealth manager Quilter on Wednesday said third quarter net client cash flow was £1.1bn, excluding Quilter Life Assurance, compared with £1.9bn in the period last year.

Assets under management and administration rose 3% in the first nine months to £118.1bn despite mixed global market performance and a 1.7% fall in the FTSE 100 index.

Net inflows during the period were 2.2 billion pounds, it said in a statement.

Quilter generated new client flows of £500m in the quarter, down from £1.3bn in the equivalent period last year when markets were “significantly more buoyant”.

Quilter was spun out of the Anglo-South African insurance company Old Mutual earlier this year.

Chief executive Paul Feeney said: “Over the last quarter more volatile investment markets and geopolitical uncertainty have contributed to weaker investor sentiment resulting in a marketwide reduction in net retail flows.”