Volatile financial markets slow Quilter’s third-quarter results
UK-based financial services group Quilter sees a decline in third quarter cash flow to £500m
Quilter, formerly known as Old Mutual Wealth, said on Wednesday that declining investor sentiment and market volatility had hit its third-quarter performance. In the three months to end-September, net client cash flow declined to of £500m from the prior period’s of £1.3bn. When excluding Quilter Life Assurance, cash flow declined to of £1.1bn from the prior period’s of £1.9bn. This performance was against the backdrop of a broader decline of flows across the market, and the company has thus performed solidly in this context, Quilter CEO Paul Feeney said in a statement. In the comparable period, flows declined 55% across the market, according to the Investment Association, said Feeney. Total year-to-date integrated flows still represent a 7% increase, the company said. Quilter is the rebranded Old Mutual Wealth, which was unbundled from the insurance group at the end of June as part of its multi-year managed separation process. Quilter has a primary listing in London, and a secondary...
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