Wrap Text
Third Quarter 2020 Trading Statement
QUILTER PLC
(previously, Old Mutual Wealth Management Limited)
Incorporated under the Companies Act 1985 (UK) with registered number 06404270 and re-registered as a public
limited company under the Companies Act 2006) (UK)
The Company has a primary listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock
Exchange.
ISIN CODE: GB00BDCXV269
JSE SHARE CODE: QLT
Quilter plc (the "Company")
21 October 2020
Quilter plc
Third Quarter 2020 Trading Statement
Quilter plc (the “Group”) reports a steady quarter with substantially improved year-on-year third quarter net flows
NCCF highlights
• Assets under Management and Administration (“AuMA”) of £109.5 billion at the end of September 2020, with:
o Year-to-date net inflows of £1.2 billion (2019: £0.2 billion net outflow).
o Third quarter gross sales of £2.7 billion (2019: £2.8 billion).
• Integrated net flows of £0.4bn continuing to demonstrate the strength of the Quilter business model. Stable levels of Defined Benefit to Defined
Contribution transfers of £0.2 billion.
• Solid Quilter Investment Platform gross flows of £1.2 billion (2019: £1.4 billion) and stable net flows of £0.1 billion ahead of major migration in
November 2020.
Business highlights
• Quilter Investment Platform transformation project on track with around 80% of platform assets to be migrated by year-end. Major second migration
confirmed with advisers and clients to complete the last weekend of November 2020.
• Capital return programme continues with c.£130 million of the announced share buyback of up to £375 million completed as at close of business
on 16 October 2020. As at 16 October 2020, 100,335,931 shares had been purchased and cancelled at an average price of 129.5 pence per
share.
• Tactical cost saving and structural optimisation plans on track to achieve expected benefits in 2020/21.
Quilter plc: Three months ended 30 September 2020
Quilter plc (£bn), unaudited Q3 2020 Q3 2019
1
AuMA 109.5 108.2
Gross sales 2.7 2.8
NCCF 0.1 (0.5)
Total integrated net flows 0.4 0.4
of which Quilter Financial Planning generated 0.4 0.6
Defined Benefit to Defined Contribution transfers 0.2 0.2
Quilter plc: Nine months ended 30 September 2020
Quilter plc (£bn), unaudited Q3 2020 Q3 2019
1
AuMA 109.5 108.2
Gross sales 8.1 8.8
NCCF 1.2 (0.2)
Total integrated net flows 1.8 1.8
of which Quilter Financial Planning generated 1.7 2.0
Defined Benefit to Defined Contribution transfers 0.7 0.6
1
Following the sale of QLA which completed on 31 December 2019, figures have been restated to exclude QLA and Other Shareholder assets. 30 September 2019 AuMA
restated (previously disclosed £118.7billion).
Paul Feeney, CEO of Quilter plc, commented:
“Despite a more challenging market backdrop, we are pleased with the substantial year-on-year improvement in net flows. Gross flows were broadly
stable and outflows relating to the departure of a specific team in Quilter Cheviot reduced to £31 million in the quarter from £615 million in the third
quarter of 2019. As expected, third quarter net flows were seasonally weaker than the first half of the year due to the Covid-19 induced economic
slowdown, our planned platform migration in the final quarter and the re-emergence of Brexit related concerns towards the end of the quarter. However,
both period end AuMA of £109.5 billion and average AuMA of £106.2 billion were ahead of the 30 June 2020 closing positions of £107.4 billion and
£105.1 billion respectively. This was supported by good investment performance from our Wealth Select and Cirilium Active ranges in the second and
third quarter. Our strategic plans are progressing well with our major migration of assets from our existing platform to our new platform confirmed with
advisers and clients to complete in the last weekend in November. Our capital return programme remains on track, we continue to control costs tightly
and current trading continues to be in line with our expectations.”
Quilter plc data tables for the three months ended 30 September 2020 (£bn)
AuMA AuMA
as at Market and as at
30 June Gross Gross other 30 September
Q3 gross flows, net flows & AuMA (£bn)¹ 2020 sales outflows Net flows movements 2020
Quilter Investors2 20.8 1.1 (1.1) - 0.5 21.3
Quilter Cheviot 23.3 0.5 (0.5) - 0.3 23.6
Advice & Wealth Management 44.1 1.6 (1.6) - 0.8 44.9
Quilter Investment Platform 56.2 1.2 (1.1) 0.1 1.4 57.7
Quilter International 20.4 0.3 (0.3) - 0.2 20.6
Wealth Platforms 76.6 1.5 (1.4) 0.1 1.6 78.3
Elimination of intra-group assets (13.3) (0.4) 0.4 - (0.4) (13.7)
Quilter plc 107.4 2.7 (2.6) 0.1 2.0 109.5
AuMA AuMA
as at Market and as at
30 June Gross Gross other 30 September
2019 sales outflows Net flows movements 2019
Quilter Investors2 20.7 0.9 (0.9) - 0.3 21.0
Quilter Cheviot 24.0 0.7 (1.1) (0.4) 0.2 23.8
Advice & Wealth Management 44.7 1.6 (2.0) (0.4) 0.5 44.8
Quilter Investment Platform 54.8 1.4 (1.3) 0.1 0.8 55.7
Quilter International 20.0 0.4 (0.3) 0.1 0.1 20.2
Wealth Platforms 74.8 1.8 (1.6) 0.2 0.9 75.9
Elimination of intra-group assets (12.2) (0.6) 0.3 (0.3) - (12.5)
Quilter plc 107.3 2.8 (3.3) (0.5) 1.4 108.2
1
AuMA restated to exclude Other Shareholder assets.
2
Quilter Investors’ AuMA restated for comparative purposes by £0.8 billion for 31 December 2018, 30 September 2019 and 31 December 2019 respectively to include
Quilter Financial Planning assets transferred as at 1st January 2020.
Quilter plc data tables for the nine months ended 30 September 2020 (£bn)
AuMA AuMA
as at Market and as at
31 December Gross Gross other 30 September
Gross flows, net flows & AuMA (£bn)¹ 2019 sales outflows Net flows movements 2020
Quilter Investors2 21.6 3.7 (3.5) 0.2 (0.5) 21.3
Quilter Cheviot 24.2 1.7 (1.5) 0.2 (0.8) 23.6
Advice & Wealth Management 45.8 5.4 (5.0) 0.4 (1.3) 44.9
Quilter Investment Platform 57.2 4.2 (3.1) 1.1 (0.6) 57.7
Quilter International 20.5 1.1 (0.9) 0.2 (0.1) 20.6
Wealth Platforms 77.7 5.3 (4.0) 1.3 (0.7) 78.3
Elimination of intra-group assets (13.1) (2.6) 2.1 (0.5) (0.1) (13.7)
Quilter plc 110.4 8.1 (6.9) 1.2 (2.1) 109.5
AuMA AuMA
as at Market and as at
31 December Gross Gross other 30 September
2018 sales outflows Net flows movements 2019
Quilter Investors2 18.5 2.9 (2.5) 0.4 2.1 21.0
Quilter Cheviot 22.2 1.9 (2.7) (0.8) 2.4 23.8
Advice & Wealth Management 40.7 4.8 (5.2) (0.4) 4.5 44.8
Quilter Investment Platform 49.4 4.4 (3.8) 0.6 5.7 55.7
Quilter International 18.3 1.2 (1.0) 0.2 1.7 20.2
Wealth Platforms 67.7 5.6 (4.8) 0.8 7.4 75.9
Elimination of intra-group assets (10.7) (1.6) 1.0 (0.6) (1.2) (12.5)
Quilter plc 97.7 8.8 (9.0) (0.2) 10.7 108.2
1
AuMA restated to exclude Other Shareholder assets.
2
Quilter Investors’ AuMA restated for comparative purposes by £0.8 billion for 31 December 2018, 30 September 2019 and 31 December 2019 respectively to include
Quilter Financial Planning assets transferred as at 1st January 2020.
Enquiries
Investor Relations:
John-Paul Crutchley +44 (0)7741 385 251
Keilah Codd +44 (0)7776 649 681
Media:
Jane Goodland +44 (0)7790 012 066
Tim Skelton-Smith +44 (0)7824 145 076
Camarco:
Geoffrey Pelham-Lane +44 (0)20 3757 4985
Company Secretary:
Patrick Gonsalves +44 (0)20 7778 9670
About Quilter plc
Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and
tomorrow.
Quilter plc oversees £109.5 billion in customer investments (as at 30 September 2020).
It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund
management.
The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.
Advice and Wealth Management encompasses the financial planning businesses, Quilter Financial Planning, Quilter Private Client Advisers and
Quilter Financial Advisers; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions
business. Wealth Platforms includes the Quilter Investment Platform and Quilter International, including AAM Advisory in Singapore.
Since its IPO in June 2018, the Group’s businesses have progressively re-branded to Quilter. The UK Platform will be the final business to rebrand;
this will follow the safe delivery of the new platform technology. Descriptor for re-branded business units:
Previous Business Unit Name New Business Unit Name
Advice & Wealth Management
Multi-Asset Quilter Investors
Quilter Cheviot No change
Intrinsic Quilter Financial Planning
Old Mutual Wealth Private Client Advisers Quilter Private Client Advisers
Wealth Platforms
Old Mutual UK Platform Quilter Investment Platform
International Quilter International
Quilter Life Assurance Sold on 31 December 2019 to ReAssure
Disclaimer
This announcement may contain certain forward-looking statements with respect to certain Quilter plc’s plans and its current goals and expectations
relating to its future financial condition, performance and results.
By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond
Quilter plc’s control including amongst other things, international and global economic and business conditions, market related risks such as
fluctuations in interest rates and exchange rates, the policies and actions of regulatory authorities, the impact of competition, inflation, deflation, the
timing and impact of other uncertainties of future acquisitions or combinations within relevant industries, as well as the impact of tax and other
legislation and other regulations in the jurisdictions in which Quilter plc and its affiliates operate. As a result, Quilter plc’s actual future financial
condition, performance and results may differ materially from the plans, goals and expectations set forth in Quilter plc’s forward-looking statements.
Quilter plc undertakes no obligation to update the forward-looking statements contained in this announcement or any other forward-looking statements
it may make.
Nothing in this announcement should be construed as a profit forecast.
JSE Sponsor: J.P. Morgan Equities South Africa (Pty) Ltd
Date: 21-10-2020 08:00:00
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