Quilter says clients are holding onto their money ahead of Brexit
CEO Paul Feeney says the UK’s divorce from the EU and market uncertainty are affecting ‘investors’ appetite to put new money to work’
Quilter, the UK wealth manager that used to be part of Old Mutual, says it might miss its target for net money inflows from clients in 2019 partly because of Brexit. “Brexit and market uncertainty are having an impact upon investors’ appetite to put new money to work,” Quilter CEO Paul Feeney said in the group’s financial statements for the year to end-December. “In addition, we anticipate that the migration of advisers to our new platform may contribute to a slowdown in the flow of new money into our platform services, as advisers familiarise themselves with, and are migrated to, the new platform.” As a result, while the wealth manager was confident in its target of 5% growth for net client cash flows over the medium term, “we may undershoot this target during calendar year 2019”, Feeney said. Net client cash flows refer to the difference between money received from customers — from premiums, deposits and investments — and money given back to them via claims, surrenders and maturit...
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