Quilter average AuMA falls by more than £11bn over 2022

Total assets under management and administration (AuMA) for Quilter fell by £11.2bn over 2022, a trading statement from the company has revealed.

The update showed that Quilter’s AuMA stood at £99.6bn as at the end of December 2022, marking a nearly 3 per cent increase on the £96.9bn recorded on 30 September 2022, which was attributed to a "modest" pick-up in equity markets and slightly lower bond yields.

The update also revealed an average AuMA for Q4 2022 of £98.8bn, which Quilter noted was broadly in line with the third quarter average of £100.1bn.

However, Quilter acknowledged that the average AuMA for Q4 remained below the first half average of £105.3bn, also marking a £11.2bn year-on-year fall from the £110bn average AuMA recorded in Q4 2021.

Whilst many areas contributed to the quarterly increase in AuMA, such as a “solid” performance from the Quilter channel, Quilter said that the biggest increase in AuMA came from the “resilient” gross flows from the IFA channel.

According to the update, the gross flow for AuMA was £2,236m over the three months ending 31 December 2022, although this marked a fall on the £3,253m recorded over the same three-month period in 2021.

The net inflow also saw a similar pattern with £159m being recorded in 2022 and £949m being recorded in 2021.

However, the update revealed that for the affluent segment the independent financial adviser (IFA) channel produced an increase of £1.7bn over Q4 2022, and, for the high net worth segment, it produced an increase of £0.5bn.

Quilter chief executive officer, Steven Levin, commented: “Although net flows for 2022 were below the level we want to achieve, we finished the year on a solid note despite the usual seasonal slowdown towards the end of the quarter.

“I was particularly pleased with the performance from our high net worth segment which has continued to deliver a robust performance, with good flows from the Quilter channel offsetting a slowdown in IFA flows.

“More broadly, the Quilter channel continued to deliver consistent flows to our platform and has maintained steady productivity throughout the year.

“The level of gross new IFA flows onto our platform remains good relative to peers given the market context and overall customer drawdowns remain in-line with historical trends. Net flows have been impacted by heightened adviser consolidation across the market.

“We continued to grow the base of IFAs using our market-leading platform in the quarter and expect incremental flows from this source to build over time. Finally, I look forward to updating the market on our financial results for 2022 on 8 March 2023.”

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