Wrap Text
Fourth Quarter 2020 Trading Statement
QUILTER PLC
Incorporated under the Companies Act 1985 with registered number 06404270 and re-registered as a
public limited company under the Companies Act 2006)
ISIN CODE: GB00BDCXV269
JSE SHARE CODE: QLT
Quilter plc (the "Company")
26 January 2021
Quilter plc
Fourth Quarter 2020 Trading Statement
Quilter plc (the “Group”) reports strong Q4 net flows and expects to complete the final Platform migration by the end of February 2021
Highlights: Flows
• Assets under Management and Administration (“AuMA”) of £117.8 billion at the end of December 2020 (+7% from 31 December 2019), with
growth supported by improved net flows and positive market movement:
o Fourth quarter gross sales of £2.8 billion (2019: £3.5 billion) and net inflows of £0.4 billion (2019: £0.5 billion).
o 2020 total gross sales of £10.9 billion (2019: £12.3 billion) and net inflows of £1.6 billion (2019: £0.3 billion).
o Average 2020 AuMA of £107.9 billion (2019: £105.7 billion), an increase of 2% in volatile equity markets.
• Strong flow performance from the Quilter Investment Platform. Modestly lower gross sales of £5.7 billion in 2020 (2019: £6.0 billion) offset by
improved retention, driving higher net inflows of £1.5 billion (2019: £0.9 billion) notwithstanding completion of two significant adviser migrations
over the year.
• Resilient net inflows in Quilter Investors, Quilter Cheviot and Quilter International in a volatile year. Integrated net flows of £2.3 billion.
Highlights: Strategic Progress
• Following the successful second client asset migration at the end of November, by end-2020 c.80% (approx.£50 billion) of UK Investment Platform
assets had been migrated onto the new Platform technology, despite UK lockdowns. Initial feedback from advisers has been positive and the
Group has continued to focus on ensuring customers and advisers are fully supported during this post-migration phase.
• The final migration of assets onto the new UK platform continues to be scheduled to complete over the weekend of 27/28 February 2021, with
notice given to advisers and customers involved in the final migration. Working practices and migration plans fully reflect updated Covid-19
guidance from the four UK devolved Administrations, and the team continue to monitor staff wellness closely as this remains a critical consideration
for the successful execution of the migration.
• As at 31 December 2020, 118.3 million shares had been acquired for cancellation under Quilter’s capital return programme, at a cost of
£153.0 million representing an average price of 129.3 pence per share. Fully diluted period end and average shares for 2020 were 1,729 million
and 1,797 million respectively.
Quilter plc: Three months ended 31 December 2020
Quilter plc (£bn), unaudited Q4 2020 Q4 2019
AuMA 117.8 110.4
Gross sales 2.8 3.5
NCCF 0.4 0.5
Total integrated net flows 0.5 0.8
of which Quilter Financial Planning generated 0.6 0.6
Defined Benefit to Defined Contribution transfers 0.2 0.2
Quilter plc: Twelve months ended 31 December 2020
Quilter plc (£bn), unaudited 2020 2019
AuMA 117.8 110.4
Gross sales 10.9 12.3
NCCF 1.6 0.3
Total integrated net flows 2.3 2.6
of which Quilter Financial Planning generated 2.3 2.6
Defined Benefit to Defined Contribution transfers 0.9 0.8
Paul Feeney, CEO of Quilter plc, commented:
2020 was a year of unprecedented challenges in so many respects and one of extraordinary market volatility. It is in challenging times like these that
our advice-based model comes to the fore and this is reflected through the higher levels of client retention experienced in 2020, at 92% versus 88%
in 2019. We finished the year strongly with improved year-on-year net inflows, AuMA ending around 7% higher over the year, and modestly higher
average AuMA over 2019 despite market volatility.
I am particularly pleased by the consistent performance of our UK Platform throughout the year and with it delivering a good final quarter despite the
major migration completing at the end of November. This is testament to the quality of our franchise coupled by the extraordinary planning and
execution efforts from our teams to deliver a successful migration in a lockdown environment. Our learnings from this process underpin our confidence
to continue with the final migration at the end of February. We continue to monitor colleague wellness closely to ensure we remain appropriately
staffed for the migration event itself and the period following in order that advisers and customers are supported to the level which both they and
Quilter expect. Our new UK Platform will be transformational for Quilter. I am delighted that the finishing line is now in sight and am excited about the
opportunity ahead of us to drive further business growth.
Quilter plc data tables for the three months ended 31 December 2020 (£bn)
AuMA AuMA
as at Market and as at
30 September Gross Gross other 31 December
Q4 gross flows, net flows & AuMA (£bn) 2020 sales outflows Net flows movements 2020
Quilter Investors 21.3 1.2 (1.2) - 1.9 23.2
Quilter Cheviot 23.6 0.4 (0.3) 0.1 1.6 25.3
Advice & Wealth Management 44.9 1.6 (1.5) 0.1 3.5 48.5
Quilter Investment Platform 57.7 1.5 (1.1) 0.4 4.4 62.5
Quilter International 20.6 0.5 (0.4) 0.1 1.1 21.8
Wealth Platforms 78.3 2.0 (1.5) 0.5 5.5 84.3
Elimination of intra-group assets (13.7) (0.8) 0.6 (0.2) (1.1) (15.0)
Quilter plc 109.5 2.8 (2.4) 0.4 7.9 117.8
AuMA AuMA
as at Market and as at
30 September Gross Gross other 31 December
2019 sales outflows Net flows movements 2019
Quilter Investors1 21.0 2.0 (1.9) 0.1 0.5 21.6
Quilter Cheviot 23.8 0.7 (0.7) - 0.4 24.2
Advice & Wealth Management 44.8 2.7 (2.6) 0.1 0.9 45.8
Quilter Investment Platform 55.7 1.6 (1.3) 0.3 1.2 57.2
Quilter International 20.2 0.8 (0.5) 0.3 - 20.5
Wealth Platforms 75.9 2.4 (1.8) 0.6 1.2 77.7
Elimination of intra-group assets (12.5) (1.6) 1.4 (0.2) (0.4) (13.1)
Quilter plc 108.2 3.5 (3.0) 0.5 1.7 110.4
1
Quilter Investors’ AuMA restated for comparative purposes by £0.8 billion for 30 September and 31 December 2019 respectively to include Quilter Financial Planning
assets transferred as at 1 January 2020.
Quilter plc data tables for the twelve months ended 31 December 2020 (£bn)
AuMA AuMA
as at Market and as at
31 December Gross Gross other 31 December
Gross flows, net flows & AuMA (£bn) 2019 sales outflows Net flows movements 2020
Quilter Investors 21.6 5.0 (4.7) 0.3 1.3 23.2
Quilter Cheviot 24.2 2.1 (1.8) 0.3 0.8 25.3
Advice & Wealth Management 45.8 7.1 (6.5) 0.6 2.1 48.5
Quilter Investment Platform 57.2 5.7 (4.2) 1.5 3.8 62.5
Quilter International 20.5 1.6 (1.3) 0.3 1.0 21.8
Wealth Platforms 77.7 7.3 (5.5) 1.8 4.8 84.3
Elimination of intra-group assets (13.1) (3.5) 2.7 (0.8) (1.1) (15.0)
Quilter plc 110.4 10.9 (9.3) 1.6 5.8 117.8
AuMA AuMA
as at Market and as at
31 December Gross Gross other 31 December
2018 sales outflows Net flows movements 2019
Quilter Investors1 18.5 4.9 (4.4) 0.5 2.6 21.6
Quilter Cheviot 22.2 2.6 (3.4) (0.8) 2.8 24.2
Advice & Wealth Management 40.7 7.5 (7.8) (0.3) 5.4 45.8
Quilter Investment Platform 49.4 6.0 (5.1) 0.9 6.9 57.2
Quilter International 18.3 2.0 (1.5) 0.5 1.7 20.5
Wealth Platforms 67.7 8.0 (6.6) 1.4 8.6 77.7
Elimination of intra-group assets (10.7) (3.2) 2.4 (0.8) (1.6) (13.1)
Quilter plc 97.7 12.3 (12.0) 0.3 12.4 110.4
1
Quilter Investors’ AuMA restated for comparative purposes by £0.8 billion for 31 December 2018 and 31 December 2019 respectively to include Quilter Financial
Planning assets transferred as at 1 January 2020.
Financial Calendar Date
Results for the year ended 31 December 2020 10 March 20211
1
Assuming no significant disruption from the current Covid-19 lockdown.
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 £117.8 billion in customer investments (as at 31 December 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 Private Client Advisers, Quilter Financial Planning and
Quilter Financial Advisers), the discretionary fund management business (Quilter Cheviot) and the Multi-asset investment solutions business (Quilter
Investors). Wealth Platforms includes the Old Mutual Wealth UK 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 the re-branded business units:
Previous New
Intrinsic Quilter Financial Planning
Old Mutual Wealth Private Client Advisers Quilter Private Client Advisers
Quilter Investors Quilter Investors
Quilter Cheviot Quilter Cheviot
UK Platform Quilter Investment Platform
International Quilter International
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.
Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
Date: 26-01-2021 09:00:00
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