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- The wealth manager reported that core net inflows amounted to £5.2 billion in 2024.
Quilter achieved record net inflows in its core segment last year, with the wealth manager seeing particularly strong demand among high-net-worth clients.
The group said core net inflows amounted to £5.2 billion in 2024, more than six times the previous year’s £832 million.
Growing inflows into the company’s third-party financial advisory channel and lower net outflows into its financial planning business division, Affluent, led to a strong fourth quarter for the company.
Quilter’s high-net-worth division also shrugged off high capital outflows ahead of the late October Budget to more than double year-on-year net inflows to £208m in the final three months of 2024.
The group saw some “asset repositioning” as clients accelerated some asset sales in anticipation of changes to capital gains tax rates and made larger generational wealth transfers as part of inheritance tax planning.
Chancellor Rachel Reeves announced in October that the lowest CGT rate would rise from 10 per cent to 18 per cent, while the top rate would rise by four percentage points to 24 per cent.
Strong result: wealth manager Quilter reported core net inflows to reach £5.2bn in 2024
“Our business generated very strong revenues in 2024 as the strategic initiatives we have implemented over the past several years have delivered results,” said Steven Levin, CEO of Quilter.
He added: “Our scale and reach of distribution puts us in a unique position to serve our clients well and benefit from the secular growth opportunity offered by the UK heritage market.”
Levin has joined the bosses of three other trading platforms – AJ Bell, Hargreaves Lansdown and Interactive Investor – in urging Rachel Reeves to reconsider her proposal to impose an inheritance tax on unused pension savings.
In a letter to the Chancellor, the four men said such a policy would cause “substantial delays” in recipients receiving their money and cause “distress” to grieving families.
They also warned that some heirs of those who die aged over 75 could face a “draconian” double taxation penalty, with millions of people potentially paying a 64 per cent tax rate on inherited pensions.
Dan Olley, chief executive of Hargreaves Lansdown, commented: ‘We understand the need for the government to balance the books, but changing the rules in this way adds complexity at an already stressful time.
‘People need stability in the tax system to invest in the long term. When seeking to change these rules, the system should not make the experience of grieving families worse.”
The letter suggested that the government could instead remove the arbitrary age limit of 75 or use the income tax system to tax beneficiaries in the event of death.
quilter actions They rose 2.1 per cent to 162 pence on Wednesday afternoon, taking their gains over the past year to about 64 per cent.
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