Quilter CEO Paul Feeney. Picture: SUPPLIED
Quilter CEO Paul Feeney. Picture: SUPPLIED

London-based Quilter, Old Mutual’s former wealth management business, said assets under management rose 9% to £118.7bn (R2.2-trillion) in its nine months to end-September, boosted by a positive market performance.

The rise came despite pressure on client flows, the company said in a quarterly update, with sales in the three months to end-September falling 12%.

The company had expected the year to be challenging for net client cash flows, reflecting an uncertain political and economic backdrop coupled with some Quilter-specific factors, in particular, the loss of a certain cohort of investment managers in Quilter Cheviot last year, Quilter CEO Paul Feeney said in the statement.

In the six months to end-June, Quilter had experienced £600m in outflows from clients due to the resignations at Quilter Cheviot.

“While near-term headwinds remain, this demonstrates that our clients and their advisers value Quilter’s integrated advice-led model, and this continues to provide support to our revenue and operating margin outlook,” Feeney said on Wednesday.

Quilter listed on the JSE and the London Stock Exchange in June 2018, and has not escaped the effects of Brexit, with its share price remaining largely flat since listing.

In 2019, however, the company’s share price is up 24.13%, closing at R27.21 on Tuesday.