Quilter PLC Quilter plc Q3 2018 flows update (9601E)
October 24 2018 - 2:00AM
UK Regulatory
TIDMQLT
RNS Number : 9601E
Quilter PLC
24 October 2018
24 October 2018
QUILTER PLC REPORTS SOLID NCCF FOR Q3
Highlights
-- Third quarter Net Client Cash Flow (NCCF) of GBP1.1 billion,
excluding Quilter Life Assurance, was marginally ahead of the
second quarter but below the high level achieved in Q3 2017, when
market activity was significantly more buoyant.
-- Year to date NCCF of GBP4.1 billion, represents 5% of opening
Assets under Management and Administration (AuMA) on an annualised
basis.
-- Steady growth in AuMA to GBP118.1 billion despite mixed
global market performance (up 3% year to date and up 1.4% from 30
June 2018 despite a decline of 1.7% in the FTSE 100 Index during
the third quarter).
-- GBP0.9 billion of integrated flows delivered during the
quarter (of which GBP0.8 billion was from Quilter Financial
Planning and Private Client Advisers). Total integrated flows of
GBP3.0 billion year to date (+7%) further demonstrating the
strength of our advice based business model.
Quilter plc highlights for the nine months ended 30 September
2018
Quilter plc (GBPbn) Q3 2018 YTD Q3 2017 YTD
------------
NCCF 2.7 4.5
NCCF (excluding Quilter Life Assurance) 4.1 5.3
NCCF/opening AuMA (excluding Quilter Life
Assurance)(1) 5% 8%
Gross Sales 11.5 12.7
Total integrated net flows (excluding Quilter
Life Assurance) 3.7 3.8
Of which Quilter Financial Planning & Private
Client Advisers generated 3.0 2.8
------------------------------------------------------------ ------------ --------------------------------
30 September 31 December
2018 2017
------------------------------------------------------------ ------------ --------------------------------
Assets under Management/Administration (AuMA) 118.1 114.4
------------------------------------------------------------ ------------ --------------------------------
(1) NCCF (annualised) as a % of opening AuMA
(excluding Quilter Life Assurance)
Quilter plc highlights for the three months
ended 30 September 2018
Quilter plc (GBPbn) Q3 2018 Q3 2017
------------------------------------------------------------ ------------ --------------------------------
NCCF 0.5 1.3
NCCF (excluding Quilter Life Assurance) 1.1 1.9
Gross Sales 3.4 4.1
Total integrated net flows (excluding Quilter
Life Assurance) 0.9 1.4
Of which Quilter Financial Planning & Private
Client Advisers generated 0.8 1.0
------------------------------------------------------------ ------------ --------------------------------
Paul Feeney, CEO of Quilter plc, commented:
"Over the last quarter more volatile investment markets and
geopolitical uncertainty have contributed to weaker investor
sentiment resulting in a market-wide reduction in net retail flows.
Year to date flows across the market are down 55% on the comparable
period according to the Investment Association. Against this
backdrop, I am pleased to report continued solid performance in
NCCF of GBP1.1 billion (excluding Quilter Life Assurance) in the
third quarter, marginally ahead of the second quarter. Worthy of
note is the more cautious approach both we and the advisers who use
our platform have taken towards defined benefit to defined
contribution pension transfers. These totalled GBP0.3 billion in
the third quarter of 2018 versus GBP0.6 billion in the comparable
period of 2017.
Gross flows into Quilter Investors of GBP4.3 billion year to
date were up 10% on a year earlier and gross sales within Quilter
Wealth Solutions, our UK platform business, remained strong at
GBP6.1 billion year to date, down 9% on the prior year despite the
factors referenced earlier. This demonstrates the benefit of having
both a substantial adviser workforce and an open channel actively
supporting over 4,000 IFAs. We remain confident in the long term
prospects for our business model. We look forward to reporting our
full year results in March 2019."
Quilter plc data tables for the nine months ended 30 September 2018 (GBPbn)
AuMA AuMA
as at 31 Market as at 30
December Gross Gross and other September
2017 inflows outflows Net flows movements 2018
--------- -------- --------- --------- ----------
Quilter Investors 16.9 4.3 (2.0) 2.3 (0.4) 18.8
Quilter Cheviot 23.6 2.0 (1.4) 0.6 0.2 24.4
Quilter Financial Planning 1.2 - - - (0.1) 1.1
--------------------------- --------- -------- --------- --------- ---------- ----------
Advice & Wealth Management 41.7 6.3 (3.4) 2.9 (0.3) 44.3
--------------------------- --------- -------- --------- --------- ---------- ----------
Quilter Wealth Solutions 50.2 6.1 (3.4) 2.7 0.5 53.4
Quilter International 19.3 1.3 (1.2) 0.1 0.2 19.6
Quilter Life Assurance(1) 15.3 0.4 (1.9) (1.5) 0.2 14.0
--------------------------- --------- -------- --------- --------- ---------- ----------
Wealth Platforms 84.8 7.8 (6.5) 1.3 0.9 87.0
--------------------------- --------- -------- --------- --------- ---------- ----------
Elimination of intra-group
assets (12.1) (2.6) 1.1 (1.5) 0.4 (13.2)
--------------------------- --------- -------- --------- --------- ---------- ----------
Quilter plc 114.4 11.5 (8.8) 2.7 1.0 118.1
--------------------------- --------- -------- --------- --------- ---------- ----------
AuMA AuMA
as at 31 Market as at 30
December Gross Gross and other September
2016 inflows outflows Net flows movements 2017
--------------------------- --------- -------- --------- --------- ---------- ----------
Quilter Investors 12.1 3.9 (1.5) 2.4 0.8 15.3
Quilter Cheviot 20.7 2.2 (1.2) 1.0 1.3 23.0
Quilter Financial Planning - - - - 1.2 1.2
--------------------------- --------- -------- --------- --------- ---------- ----------
Advice & Wealth Management 32.8 6.1 (2.7) 3.4 3.3 39.5
--------------------------- --------- -------- --------- --------- ---------- ----------
Quilter Wealth Solutions 41.4 6.7 (3.4) 3.3 2.9 47.6
Quilter International 16.9 1.5 (0.9) 0.6 0.5 18.0
Quilter Life Assurance(1) 15.5 1.0 (2.2) (1.2) 0.8 15.1
--------------------------- --------- -------- --------- --------- ---------- ----------
Wealth Platforms 73.8 9.2 (6.5) 2.7 4.2 80.7
--------------------------- --------- -------- --------- --------- ---------- ----------
Elimination of intra-group
assets (8.4) (2.6) 1.0 (1.6) (0.6) (10.6)
--------------------------- --------- -------- --------- --------- ---------- ----------
Quilter plc 98.2 12.7 (8.2) 4.5 6.9 109.6
--------------------------- --------- -------- --------- --------- ---------- ----------
(1) Includes other shareholder AuMA of GBP0.4bn included in Q3 2018 (Q4
2017: GBP0.2bn, Q4 2016: GBP0.2bn and Q3 2017: GBP0.1bn).
Quilter plc data tables for the three months ended 30 September 2018 (GBPbn)
AuMA AuMA
as at 30 Market as at 30
June Gross Gross and other September
2018 inflows outflows Net flows movements 2018
--------- -------- --------- --------- ----------
Quilter Investors 18.4 1.3 (0.8) 0.5 (0.1) 18.8
Quilter Cheviot 24.1 0.5 (0.4) 0.1 0.2 24.4
Quilter Financial Planning 1.2 - - - (0.1) 1.1
--------------------------- --------- -------- --------- --------- ---------- ----------
Advice & Wealth Management 43.7 1.8 (1.2) 0.6 - 44.3
--------------------------- --------- -------- --------- --------- ---------- ----------
Quilter Wealth Solutions 52.3 1.8 (1.2) 0.6 0.5 53.4
Quilter International 19.2 0.4 (0.4) - 0.4 19.6
Quilter Life Assurance(1) 14.5 0.1 (0.6) (0.5) - 14.0
--------------------------- --------- -------- --------- --------- ---------- ----------
Wealth Platforms 86.0 2.3 (2.2) 0.1 0.9 87.0
--------------------------- --------- -------- --------- --------- ---------- ----------
Elimination of intra-group
assets (13.2) (0.7) 0.5 (0.2) 0.2 (13.2)
--------------------------- --------- -------- --------- --------- ---------- ----------
Quilter plc 116.5 3.4 (2.9) 0.5 1.1 118.1
--------------------------- --------- -------- --------- --------- ---------- ----------
AuMA AuMA
as at 30 Market as at 30
June Gross Gross and other September
2017 inflows outflows Net flows movements 2017
--------------------------- --------- -------- --------- --------- ---------- ----------
Quilter Investors 14.1 1.4 (0.5) 0.9 0.3 15.3
Quilter Cheviot 22.5 0.7 (0.3) 0.4 0.1 23.0
Quilter Financial Planning 1.2 - - - - 1.2
--------------------------- --------- -------- --------- --------- ---------- ----------
Advice & Wealth Management 37.8 2.1 (0.8) 1.3 0.4 39.5
--------------------------- --------- -------- --------- --------- ---------- ----------
Quilter Wealth Solutions 45.9 2.3 (1.1) 1.2 0.5 47.6
Quilter International 17.8 0.4 (0.2) 0.2 - 18.0
Quilter Life Assurance(1) 15.6 0.2 (0.9) (0.7) 0.2 15.1
--------------------------- --------- -------- --------- --------- ---------- ----------
Wealth Platforms 79.3 2.9 (2.2) 0.7 0.7 80.7
--------------------------- --------- -------- --------- --------- ---------- ----------
Elimination of intra-group
assets (9.8) (0.9) 0.2 (0.7) (0.1) (10.6)
--------------------------- --------- -------- --------- --------- ---------- ----------
Quilter plc 107.3 4.1 (2.8) 1.3 1.0 109.6
--------------------------- --------- -------- --------- --------- ---------- ----------
(1) Other shareholder AuMA of GBP0.4bn included in Q3 2018 (Q2 2018: GBP0.4bn,
Q2 2017: GBPnil and Q3 2017: GBP0.1bn).
Business unit descriptor:
Previous New
-------------------------------
Intrinsic Quilter Financial Planning
Old Mutual Wealth Private Client
Advisers Quilter Private Client Advisers
UK Platform Quilter Wealth Solutions
International Quilter International
Heritage Quilter Life Assurance
-------------------------------
Enquiries
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Julian Gwillim SA + 27 11 880 0037
Disclaimer
This announcement may contain certain forward-looking statements
with respect to certain Quilter plc's plans and its current goals
and expectations relating to its future financial condition,
performance and results.
By their nature, all forward-looking statements involve risk and
uncertainty because they relate to future events and circumstances
which are beyond Quilter plc's control including amongst other
things, international and global economic and business conditions,
market related risks such as fluctuations in interest rates and
exchange rates, the policies and actions of regulatory authorities,
the impact of competition, inflation, deflation, the timing and
impact of other uncertainties of future acquisitions or
combinations within relevant industries, as well as the impact of
tax and other legislation and other regulations in the
jurisdictions in which Quilter plc and its affiliates operate. As a
result, Quilter plc's actual future financial condition,
performance and results may differ materially from the plans, goals
and expectations set forth in Quilter plc's forward looking
statements.
Quilter plc undertakes no obligation to update the
forward-looking statements contained in this announcement or any
other forward-looking statements it may make.
Nothing in this announcement should be construed as a profit
forecast.
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END
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