TIDM39FT
RNS Number : 4557M
Quilter PLC
30 April 2018
30 April 2018
QUILTER PLC REPORTS CONTINUED STRONG NET CLIENT CASH FLOW AND
RESILIENCE IN ASSETS UNDER MANAGEMENT AND ADMINISTRATION
Quilter plc (GBP billion) Q1 2018 YTD Q1 2017 YTD % Change
Net client cash flow (NCCF)(1) 1.6 1.4 14%
-------------- ----------------- ---------
Net client cash flow (NCCF), excluding Quilter Life Assurance(1) 2.0 1.5 33%
-------------- ----------------- ---------
Gross sales(2) 4.4 4.2 5%
-------------- ----------------- ---------
Total integrated net flows(2) 1.5 1.0 50%
-------------- ----------------- ---------
Of which Quilter Financial Planning & Private Client
Advisers generated 1.1 0.8 38%
-------------- ----------------- ---------
31 March 2018 31 December 2017
-------------- ----------------- ---------
Assets under Management/Administration (AuMA)(3) 111.6 114.4 (2)%
-------------- ----------------- ---------
1 Excludes Single Strategy NCCF of GBP1.4 billion Q1 2018 YTD
(Q1 2017 YTD: GBP1.3 billion).
(2 Excludes Single Strategy.)
3 Excludes Single Strategy AuM of GBP27.5 billion at 31 March
2018 (31 December 2017: GBP26.9 billion).
Paul Feeney, CEO of Quilter plc, commented:
"First quarter net client cash flow (NCCF) has continued the
strong momentum seen in 2017, particularly in our Advice &
Wealth Management Segment. We have experienced increased net flows
across all our businesses with the exception of Quilter
International, which has had a slow start to the year following a
very strong final quarter in 2017, and Quilter Life Assurance.
NCCF of GBP1.6 billion (excluding Single Strategy) was 14% ahead
of the comparable period in 2017. NCCF of GBP2.0 billion (excluding
Single Strategy and Quilter Life Assurance) was GBP0.5 billion or
33% ahead of the comparable period in 2017. NCCF as a proportion of
opening assets under management and administration (AuMA)
(excluding Single Strategy and Quilter Life Assurance) on an
annualised basis was 8%, ahead of our 5% target.
Generating and growing integrated flows is a key focus as these
demonstrate the strength and value of our multi-channel business
model. It is particularly pleasing that these grew by 50% to GBP1.5
billion in Q1 compared to 2017.
AuMA of GBP111.6 billion declined by 2.4% in the quarter as a
result of negative market movements of 3.8% partially offset by
positive net flows in the period of 1.4%. This compares to a
decrease of 8.2% in the FTSE 100 over the same period,
demonstrating the relative resilience of our business model and
good investment performance during a time of market volatility. The
outlook for our business remains positive and current trading
remains in line with expectations.
While there has been some recovery in market levels so far in
the second quarter, we anticipate continued uncertainties in
equity, bond and currency markets in the medium term as any
potential impacts of the UK's exit from the EU evolve and given
geopolitical and economic risks.
The Single Strategy Business generated NCCF of GBP1.4 billion
during the quarter (excluded from the table above). Good progress
is being made with regard to obtaining the necessary regulatory
approvals for the sale of this business, and we continue to expect
completion in the second half of 2018.
We are delighted that the formal process of listing Quilter plc
on the London and Johannesburg stock exchanges has now commenced
and we continue to be excited by the opportunities ahead for us
beyond our planned listing in June."
Selected additional data for Q1 2018 year to date:
Gross flows, net flows and AuMA (GBP billion)
---------- ---------- -----------
AuMA Gross Gross Net flows Market and AuMA
as at 31 December inflows outflows other as at 31 March 2018
2017 movements
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter Investors 16.9 1.6 (0.6) 1.0 (0.8) 17.1
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter Cheviot 23.6 0.8 (0.5) 0.3 (1.1) 22.8
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter Financial
Planning 1.2 0.0 (0.0) 0.0 (0.0) 1.2
-------------------- --------- ---------- ---------- ----------- ---------------------
Advice & Wealth
Management 41.7 2.4 (1.1) 1.3 (1.9) 41.1
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter Wealth
Solutions 50.2 2.3 (1.0) 1.3 (1.8) 49.7
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter
International 19.3 0.5 (0.4) 0.1 (0.8) 18.6
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter Life
Assurance(1) 15.3 0.2 (0.7) (0.5) (0.4) 14.4
-------------------- --------- ---------- ---------- ----------- ---------------------
Wealth Platforms 84.8 3.0 (2.1) 0.9 (3.0) 82.7
-------------------- --------- ---------- ---------- ----------- ---------------------
Elimination of
intra-group assets (12.1) (1.0) 0.4 (0.6) 0.5 (12.2)
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter plc 114.4 4.4 (2.8) 1.6 (4.4) 111.6
-------------------- --------- ---------- ---------- ----------- ---------------------
AuMA Gross Gross Net flows Market and AuMA
as at 31 December inflows outflows other as at 31 March 2017
2016 movements
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter Investors 12.1 1.2 (0.5) 0.7 0.3 13.1
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter Cheviot 20.7 0.7 (0.5) 0.2 0.9 21.8
-------------------- --------- ---------- ---------- ----------- ---------------------
Advice & Wealth
Management 32.8 1.9 (1.0) 0.9 1.2 34.9
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter Wealth
Solutions 41.4 2.2 (1.2) 1.0 1.6 44.0
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter
International 16.9 0.5 (0.3) 0.2 0.4 17.5
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter Life
Assurance(1) 15.5 0.4 (0.7) (0.3) 0.8 16.0
-------------------- --------- ---------- ---------- ----------- ---------------------
Wealth Platforms 73.8 3.1 (2.2) 0.9 2.8 77.5
-------------------- --------- ---------- ---------- ----------- ---------------------
Elimination of
intra-group assets (8.4) (0.8) 0.4 (0.4) (0.3) (9.1)
-------------------- --------- ---------- ---------- ----------- ---------------------
Quilter plc 98.2 4.2 (2.8) 1.4 3.7 103.3
-------------------- --------- ---------- ---------- ----------- ---------------------
Note: All figures in the table exclude Single Strategy.
(1) Includes other shareholder assets of GBP0.3 billion in Q1
2018 (FY 2017: GBP0.2 billion, FY 2016: GBP0.1 billion and Q1 2017:
GBP0.1 billion).
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
Investor Relations
John-Paul Crutchley +44 20 7002 7016
Media enquiries
Quilter
Vee Montebello +44 20 7778 9550
Camarco +44 20 3757 4985
Geoffrey Pelham-Lane
Aprio (South Africa) +27 11 880 0037
Julian Gwillim
About Quilter
Quilter is a leading wealth management business in the UK and
internationally, helping to create prosperity for the generations
of today and tomorrow.
On a 'go forward basis', Quilter oversees GBP 111.6 billion in
customer investments (as at 31 March 2018).
It has an adviser and customer offering spanning: financial
advice; investment platforms; multi-asset and single strategy
investment solutions;and discretionary fund management.
The business is comprised of two segments: Wealth Platforms and
Advice and Wealth Management.
Wealth Platforms includes the Old Mutual Wealth UK Platform; Old
Mutual International, including AAM Advisory in Singapore; and the
Old Mutual Wealth Heritage life assurance business.
Advice and Wealth Management encompasses the financial planning
network, Intrinsic; Old Mutual Wealth Private Client Advisers;
discretionary fund management business, Quilter Cheviot; and Old
Mutual Wealth's multi-asset investment solutions business.
The Quilter businesses will be re-branded to Quilter over a
period of approximately two years following separation from Old
Mutual:
-- Intrinsic to Quilter Financial Planning
-- Private Client Advisers to Quilter Private Client Advisers
-- The Multi-Asset business to Quilter Investors
-- The UK Platform to Quilter Wealth Solutions
-- The International business to become Quilter International
-- The Heritage life assurance business to Quilter Life Assurance
-- Quilter Cheviot will retain its name.
On 19 December 2017, Old Mutual Wealth announced that it has
agreed to sell its Single Strategy asset management business to the
Single Strategy Management team and funds managed by TA Associates.
The proposed transaction is subject to customary closing
conditions, including regulatory approvals.
Quilter is part of Old Mutual plc, a FTSE 100 group that
provides investment, savings, insurance and banking. For the year
ended 31 December 2017, Old Mutual reported an adjusted operating
profit before tax of GBP2.0 billion. For further information on Old
Mutual plc and the underlying businesses, please visit the
corporate website at www.oldmutualplc.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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