Quilter shares rise as inflows hit £1.7bn and wealth manager boasts record profits

Quilter shares rose on Wednesday after the group revealed stronger net inflows into its fund range and beat half-year profit forecasts.

The firm’s first-half profit hit a record £97m, while assets under management rose to £113.8bn at the end of June, up 7% from the end of 2023.

Earlier this year, the Financial Conduct Authority (FCA) wrote to a number of firms amid concerns about continued charges for advice to clients. Quilter was one of the firms the FCA wrote to.

It is conducting a review of its current advisory charges in light of the FCA letter.

Quilter shares rose 3.29 percent or 4.2 pence to 131.70 pence on Wednesday, having risen more than 84 percent over the past year.

Group operating margins increased five points to 29 percent at the end of the period.

Net inflows across Quilter’s core business lines reached £1.7bn, up £1bn on the same period last year, as a result of “continued good progress” from its high net worth and affluent segments, as well as 50 per cent growth in gross inflows through its independent financial adviser channel.

Steven Levin, Quilter CEO, said: ‘We delivered a strong performance in the first half of 2024, combining record adjusted earnings, consistently strong Quilter channel flows, significantly higher platform IFA flows and good progress in implementing our efficiency initiatives.

‘Our work to transform Quilter is delivering tangible results, but we have more to do to achieve the ambitious goals we have set for ourselves.’

He added: “With inflation in the UK declining, consumer disposable income has improved, leading to early signs of incremental discretionary saving.”

As for the review of current advice charges, Quilter said an update could be expected early next year. The group appointed a “skilled person” in June to carry out the review.