STEPHEN CRANSTON: Quilter: Overtaking the parent
It is no surprise that Quilter’s market cap is now larger than that of its former parent, Old Mutual
It looks as if Quilter is one of the few safe havens in the financial services sector of the JSE. As a wealth manager, it manages and administers third-party funds. It does not put its own capital at risk either by lending like a bank or underwriting like an insurer. It has already bought back £76m of shares and plans to buy back almost £300m more.
In its UK home market, retirees no longer have to buy an annuity-based pension from a life office. Instead they can buy a fully flexible drawdown pension from wealth managers such as Quilter and its archrival, St James’s Place. Quilter CEO Paul Feeney says these are the two businesses which operate across the wealth management value chain, offering multimanagement solutions, an army of financial advisers and investment (linked product) platforms. Quilter now has 1,808 tied financial planners, and there are 169 investment managers who give a bespoke service to the wealthy through Quilter Cheviot...
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