Quilter battens down the hatches after profit plunges
London-based wealth manager reports 38% drop in adjusted pretax profit for six months to June
11 August 2020 - 08:39
UPDATED 11 August 2020 - 12:26
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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