Quilter sees weaker inflows as coronavirus disruption takes toll
Quilter PLC (LON:QLT, the wealth management group, has reported an increase in assets under management even though coronavirus disruption, Brexit uncertainty and a platform migration affected new business.
Net inflows were flat at £0.1bn in the three months to end September 2020 but a £2bn markets improvement lifted total assets under management to £109.5bn from £107.4bn at end June.
Quilter said it expects to complete the second major migration of advisers and clients from previous owner Old Mutual’s platform by the last weekend of November 2020.
In a statement, Paul Feeney, Quilter's chief executive, said: "Despite a more challenging market backdrop, we are pleased with the substantial year-on-year improvement in net flows."
“As expected, third-quarter net flows were seasonally weaker than the first half of the year due to the Covid-19 induced economic slowdown, our planned platform migration in the final quarter and the re-emergence of Brexit related concerns towards the end of the quarter.
“Current trading continues to be in line with our expectations,” he added.
Broker finnCap forecasts profit before tax will be down 45% in the current year at £127.7mln with the dividend estimated to move to 4.19p.
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