Quilter PLC Update on Recent Matters and Fixed Income Meetings (1326M)
January 09 2023 - 9:45AM
UK Regulatory
TIDMQLT
RNS Number : 1326M
Quilter PLC
09 January 2023
9 January 2023
Quilter plc
(incorporated with limited liability in England and Wales with
Registered Number 06404270)
Legal Entity Identifier (LEI): 54930092XIVK28RZGM95
ANNOUNCES AN UPDATE ON RECENT MATTERS AND A SERIES OF FIXED
INCOME MEETINGS
Recent Matters
Quilter plc is in the process of preparing its year-end
financial statements. Based on preliminary (unaudited) figures, the
Group expects to report full year assets under management and under
administration broadly similar to the Q3 2022 position of GBP96.9
billion (31 December 2021: GBP111.8 billion), the decrease during
the year is due to positive net flows offset by adverse market
movements.
Retention rates remain stable and gross flows for the final
quarter remain resilient while reflecting the normal seasonality of
the business. Therefore, overall, Q4 2022 net flows are expected to
be modestly lower than Q3 2022 but remain positive.
All figures in the paragraphs above are expressed on a
continuing basis (that is, excluding the divested business of
Quilter International Holdings Limited, Quilter International
Ireland DAC and their subsidiaries, the sale of which completed on
30 November 2021). References to the Group are to Quilter plc and
its subsidiaries.
Fixed Income Meetings
Quilter plc has mandated J.P. Morgan Cazenove as Sole
Structuring Agent to the Issuer and BofA Securities, Citi and J.P.
Morgan Cazenove as Joint Bookrunners to arrange a series of fixed
income meetings. A new sterling-denominated Regulation S Tier 2
bond is likely to follow, subject to market conditions. Relevant
stabilisation regulation (including FCA/ICMA) applies.
If issued the Issuer intends to use the proceeds from such Tier
2 bond for its general corporate purposes, including the
refinancing of its GBP200,000,000 4.478 per cent. Fixed Rate Reset
Subordinated Notes due 2028 (ISIN: XS1713473780).
The securities referred to herein have not been and will not be
registered under the U.S. Securities Act of 1933, as amended (the
Securities Act) and may not be offered, sold or delivered within
the United States or to or for the account or benefit of U.S.
persons, as defined in Regulation S under the Securities Act.
Manufacturer target market (UK MIFIR product governance rules)
is eligible counterparties and professional investors only (all
distribution channels). No PRIIPs or UK PRIIPs key information
document (KID) has been prepared as not available to retail in EEA
or the UK.
This communication is not an offer of securities or investments
for sale nor a solicitation of an offer to buy securities or
investments in any jurisdiction where such offer or solicitation
would be unlawful.
Market Abuse Regulation
This announcement contains inside information and is disclosed
in accordance with the Market Abuse Regulation (EU) 596/2014 as it
forms part of domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"). For the purposes of MAR, this
announcement is made by Clare Barrett, Company Secretary of Quilter
plc.
-ends-
Enquiries:
Investor Relations:
John-Paul Crutchley +44 (0)7741 385 251
About Quilter plc:
Quilter plc is a leading wealth management business in the UK
and internationally, helping to create prosperity for the
generations of today and tomorrow.
Quilter oversees GBP96.9 billion in customer investments as at
30 September 2022.
It has an adviser and customer offering spanning: financial
advice, investment platforms, multi-asset investment solutions, and
discretionary fund management.
The business is being reorganised into two segments: Affluent
and High Net Worth.
Affluent encompasses the financial planning businesses, Quilter
Financial Planning, the Quilter Investment Platform and Quilter
Investors, the multi-asset investment solutions business.
High Net Worth includes the discretionary fund management
business, Quilter Cheviot, together with Quilter Private Client
Advisers.
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END
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