Quilter shares soar as high net worth investors boost assets to £116bn

Quilter shares soared on Wednesday after the wealth manager revealed a surge in third-quarter inflows, helped by continued gains from high-net-worth clients.

FTSE 250 group clients invested a net £1.4bn during the period, a significant increase on £810m and £923m in the first and second quarters of 2024 respectively.

Total assets under management and administration rose 2 per cent to £116.2 billion.

Boss Steven Levin described the result as “an excellent performance” during “what is traditionally the slowest summer quarter”.

The latest available data from the Investment Association shows that UK investors put more cash into investment funds than they took out for the third month in a row in August, with net inflows of £804 million during the month.

Quilter, which also saw its assets boosted by stronger market performance, said it had seen “sustained” new trading momentum within its high net worth unit, with net inflows of £284 million during the quarter.

Meanwhile, “wealthy” clients invested combined net inflows of £1.3bn into Quilter, helping to drive a record quarterly net investment of almost £1.5bn into its platforms business.

Listed on the FTSE 250 quilter actions rose more than 7 per cent in early trading before paring gains to 5.4 per cent to 149.2 pence by late morning.

Shares are up nearly 50 percent since the beginning of the year.

Levin echoed comments made by Liontrust boss John Ions earlier this week, pointing to an “unwelcome degree of uncertainty” in the market ahead of the impending October 30 budget.

He said: “Given the importance of a stable fiscal and regulatory framework for people to plan their financial future with confidence, we believe that any proposed significant changes to the structure of UK pensions and savings should only be implemented after an appropriate period of industry”. extensive consultation.

‘In addition, any changes should incorporate transitional provisions, as has been the general practice to date. “We look forward to continuing to work with the UK Government in this regard.”