Quilter upbeat after Old Mutual separation
Wealth-management business bucks trend, reporting a lower decline in total net flows than that of the market market in which it operates
Former Old Mutual wealth-management business Quilter managed to buck the market trend, reporting a 2.6% reduction in total net flows in the nine months to September while flows in the market in which it operates fell 55% year to date. The company, previously known as Old Mutual Wealth Management, rebranded as Quilter and listed separately earlier in June. Quilter attributed volatility in UK client cash flows mostly to Brexit worries, but said its business-advice-driven business model and a “fresh brand” helped it continue attracting inflows. “It [the separation] has given us oxygen…. Old Mutual was a good parent company. But now we have our own board that is totally focused on us. We have our own management team and we set our own strategy,” said Quilter CE Paul Feeney. The company houses most of Old Mutual’s former UK operations, including the Old Mutual Wealth UK Platform, Old Mutual International and the Old Mutual Wealth Heritage life assurance business. Old Mutual is no longer ...
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