March 11, 2020 / 7:45 AM / 21 days ago

Quilter cautions on virus impact after 2019 profit rises

March 11 (Reuters) - British wealth manager Quilter on Wednesday posted a small rise in 2019 adjusted profit, but warned that a coronavirus-induced selloff in equities has made its 2020 outlook uncertain.

The company, spun out of Anglo-South African insurance company Old Mutual, said its annual adjusted pretax profit rose 1% to 235 million pounds ($302.33 million) in the year ended Dec. 31. Assets under management jumped 13% to 110.4 billion pounds, as of year-end.

“2020 began well but the sharp Coronavirus induced market correction beginning in late February has created a level of uncertainty as to the outlook for the remainder of 2020,” Chief Executive Officer Paul Feeney said.

“It is currently too early to ascertain what impact market volatility will have on investor sentiment,” he added.

$1 = 0.7773 pounds Reporting by Muvija M in Bengaluru; Editing by Aditya Soni

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