Quilter, the London-based wealth manager spun out of Old Mutual, is bracing for a tough end to 2020 after reporting a first-half drop in profit during what it called “a uniquely challenging environment”.

“It’s not any specific thing that we think is going to hurt our revenue other than the fact that when you’re managing through this crisis, you manage cautiously,” CEO Paul Feeney said in an interview after the company reported first-half net inflows of £1.1bn (R25.4bn), up from £300m in the previous matching period...

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