Quilter has seen 12 investment managers resign since listing on the London Stock Exchange in June, which could lead to "higher than trend" outflows in 12 to 18 months' time, chief executive Paul Feeney has warned.
In Quilter's first results since separating from parent company Old Mutual, the firm saw its overall assets under management/administration (AUMA) increase 2% to £116.5bn between 31 December 2017 and the end of June. This included positive net inflows of £2.2bn, offset by weaker overall performance of £100m. Total revenue rose 11% from £346m in H1 last year to £385m in H1 2018 while adjusted profit before tax was up 16% to £110m over the same period. In total, net client cash flow (NCCF), excluding Quilter Life Assurance, fell 12% over the same period as stronger inflows for Quilte...
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