Brexit uncertainty weighs on Quilter’s cash flows
If investor sentiment does not change soon, the situation could look dire by the time the company reports its half-year results
Uncertainty in Britain continued to hit former Old Mutual UK subsidiary Quilter hard in the first quarter of 2019 as investors sit on their money pending clearer indications on what the final Brexit terms will be. The wealth manager, which 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, reported £200m net client cash outflows in the first three months of 2019. “[It] reflects the impact that the uncertainty of the UK political environment continues to have on discretionary investor sentiment,” the company said in a statement. Net client cash flows are the difference between what investment and wealth management companies receive from their customers in premiums and investment deposits and what they pay out over a specific financial period. A net outflow means more money left Quilter’s coffers in claims and withdrawals than clients invested. However, whe...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.