April 30, 2018 / 7:32 AM / a month ago

Quilter Q1 assets dip 2 pct as market losses outweigh inflows

* Quilter assets fall 2.4 pct, hit by market losses

* Net inflows over the quarter 1.6 bln stg

* Old Mutual shares up 1.8 pct in early deals

By Simon Jessop

LONDON, April 30 (Reuters) - British wealth manager Quilter (IPO-OLD.L) said total assets fell 2.4 percent in the first quarter as market losses more than offset a rise in net inflows of fresh client money.

The company, in the process of being de-merged from Anglo-South African financial services group Old Mutual, said total assets at the end of March were 111.6 billion pounds ($153.6 billion), from 114.4 billion pounds at end-December.

Market losses over the period were 4.4 billion pounds, it said in a statement on Monday, partially offset by net inflows of 1.6 billion pounds, although the outlook was positive and it was trading in line with expectations.

The FTSE 100 index fell 8.2 percent over the period.

Quilter, which offers financial advice, planning and investment platform services, as well as investment management, said net client cash flow, a measure of inflows, was particularly strong in its Advice & Wealth Management unit.

“We have experienced increased net flows across all our businesses with the exception of Quilter International... and Quilter Life Assurance,” said Quilter Chief Executive Paul Feeney.

Despite the strong demand for its services, Feeney cautioned of further market turbulence ahead.

“While there has been some recovery in market levels so far in the second quarter, we anticipate continued uncertainties in equity, bond and currency markets in the medium term as any potential impacts of the UK’s exit from the EU evolve and given geopolitical and economic risks.”

Shares in Old Mutual were up 1.5 percent at 0727 GMT, among the top gainers on the FTSE 100.

Old Mutual said earlier in April that it would demerge its Old Mutual Wealth unit and list it separately in London and Johannesburg in June, with the rest of the company listed as Old Mutual Limited. ($1 = 0.7266 pounds) (Reporting by Simon Jessop Editing by Keith Weir)

    0 : 0
    • narrow-browser-and-phone
    • medium-browser-and-portrait-tablet
    • landscape-tablet
    • medium-wide-browser
    • wide-browser-and-larger
    • medium-browser-and-landscape-tablet
    • medium-wide-browser-and-larger
    • above-phone
    • portrait-tablet-and-above
    • above-portrait-tablet
    • landscape-tablet-and-above
    • landscape-tablet-and-medium-wide-browser
    • portrait-tablet-and-below
    • landscape-tablet-and-below