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

London-based Quilter, Old Mutual’s former wealth management business, said on Wednesday that stock market gains helped it grow assets under management 13% to £110.4bn during its year to end-December.

The group’s share price rose by a third in 2019, with CEO Paul Feeney saying it has had annual net client cash inflow of £300m for the year, excluding Quilter Life Insurance, reflecting a turnaround during the company’s fourth quarter.

Graphic: DOROTHY KGOSI
Graphic: DOROTHY KGOSI

Quilter listed on the JSE and the London Stock Exchange in June 2018, and has not escaped the effects of Brexit. Last year proved to be a strong year for global markets, with the FTSE 100 rising 12.1%, while the tech-heavy US Nasdaq had surged 35%.

The group has also faced Quilter-specific factors, in particular, the loss of a certain cohort of investment managers in Quilter Cheviot in mid-2018. Feeney said on Wednesday that client outflows associated with the investment managers who departed declined to £300m in the quarter to end-December 2019, from £600m in the previous quarter.

“Looking across our businesses, the integration of our advice acquisitions is progressing well and both Lighthouse and Charles Derby are well-positioned to contribute to net flows in 2020,”  Feeney said.

gernetzkyk@businesslive.co.za