STEPHEN CRANSTON: Quilter poised for growth
Quilter has a vertically integrated model and operates in more sectors than its peers
The assumption when Old Mutual undertook its managed separation from 2016 to 2018 was that UK investors would invest in the newly created UK business, Quilter, and the SA investors would focus on the local Old Mutual business. But enthusiasm for the Africa-focused Old Mutual has been muted. And more than half the shares in Quilter are held by SA institutions. Nicholas Stein, who carries bags for Neville Chester in Coronation’s aggressive equity boutique, says Quilter management reshaped the business from a pan-European life insurer to a UK wealth management business. It has a vertically integrated model and operates in more sectors than its peers. It has a platform, similar to an SA-linked investment service provider; it offers financial advice for the mass affluent market; it has a stuffy discretionary wealth manager of the kind the British flock to and a multimanager. Also, its life book is in run-off. Stein says Quilter is well-placed for the "seismic changes" in UK pensions. Muc...
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