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Third Quarter 2021 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")
3 November 2021
Quilter plc
Third Quarter 2021 Trading Statement
Quilter plc reports a strong quarter with substantially improved year-on-year net flows
Business Update
Quilter will be hosting a Capital Markets Day for investors later today which will introduce a reorganisation of the Group into two client focussed
segments: High Net Worth (“HNW”) and Affluent. Furthermore, assets and flows will be disclosed from the two primary distribution channels of the
business: the Quilter channel and the IFA channel. As a result, the Group now discloses flows by these segments and distribution channels. Third
quarter flows have been presented in this format on a continuing business basis, excluding the contribution from Quilter International. The sale of
Quilter International is still anticipated to complete prior to year-end. Third quarter disclosure on a historic basis is included as an appendix to this
release. A full breakdown of quarterly flows on the new reported basis since 1 January 2020 is provided as an appendix to the separate Capital
Markets Day announcement, also published today.
Continuing business highlights:
• Assets under Management and Administration (“AuMA”) of £108.5 billion at the end of September 2021, with:
o Year-to-date net inflows of £3.0 billion (2020: £1.1 billion).
o Third quarter net inflows of £1.0 billion (2020: £0.1 billion).
• Strong flows onto the Quilter Investment Platform. Year-to-date gross flows of £6.7 billion, up 58% (2020: £4.3 billion) and higher net flows of £2.7
billion, up 142% (2020: £1.1 billion), supported by increased IFA usage of the new Quilter platform with year-to-date net flows up nearly five-fold
to £1.4 billion in the IFA channel.
• Stable levels of Defined Benefit to Defined Contribution transfers in the third quarter of £0.2 billion.
Total business highlights:
• AuMA of £129.1 billion at the end of September 2021, with net year-to-date flows of £3.0 billion and third quarter flows of £1.2 billion.
Quilter plc: Three months ended 30 September 2021
Quilter plc (£bn), unaudited, continuing business Q3 2021 Q3 2020
AuMA 108.5 91.7
Of which are administered by the Quilter Investment Platform 71.0 58.9
Of which are managed by Quilter Investors 25.2 21.3
Of which are in Quilter Cheviot 27.6 23.6
Gross flow 3.3 2.2
Net flow 1.0 0.1
Defined Benefit to Defined Contribution transfers 0.2 0.2
Quilter plc: Nine months ended 30 September 2021
Quilter plc (£bn), unaudited, continuing business Q3 2021 Q3 2020
AuMA 108.5 91.7
Gross flow 9.9 7.4
Net flow 3.0 1.1
Defined Benefit to Defined Contribution transfers 0.5 0.7
Paul Feeney, CEO of Quilter plc, commented:
“I am delighted with the significant improvement in our third quarter net flows which were up ten-fold to £1.0 billion from £0.1 billion in 2020. Excellent
growth in flows from our advisers has been coupled with a very substantial increase in flows from the IFA channel who have taken extremely well to
our new platform. Gross flows from the IFA channel onto our UK Platform were 66% year-on-year to £4.8 billion, with net flows up nearly five-fold to
£1.4 billion on the comparable period. We look forward to presenting our plans and ambitious targets to drive growth and efficiency across our
business at our Capital Markets Day, later this morning.”
Of which
Quilter
solutions
AuMA AuMA AuM
as at as at 30 as at
30 June Gross Net September 30 September
Q3 gross flows, net flows & AuMA (£bn) 2021 flows (£m) flows (£m) 2021 2021
AFFLUENT SEGMENT
Quilter channel 10.8 654 469 11.3 7.4
IFA channel 57.2 1,551 421 58.3 7.4
Non-core business 1.4 20 (9) 1.4 0.2
Sub-total (Quilter Platform) 69.4 2,225 881 71.0 15.0
Via other platforms
Quilter channel 4.7 185 1 4.7 5.0
IFA channel 2.5 87 (112) 2.5 2.5
Non-core businesses 2.8 48 (81) 2.7 2.7
Sub-total 10.0 320 (192) 9.9 10.2
Total Affluent Segment 79.4 2,545 689 80.9 25.2
HIGH NET WORTH SEGMENT
Quilter channel 2.3 98 73 2.4 2.4
IFA channel incl. Direct 24.7 608 256 25.2 25.2
Total High Net Worth Segment 27.0 706 329 27.6 27.6
Continuing operations 106.4 3,251 1,018 108.5 52.8
AuMA breakdown:
Affluent administered (Quilter Platform) 69.4 2,225 881 71.0 15.0
Affluent managed (Quilter Investors) 24.8 1,268 98 25.2 25.2
HNW managed and administered (Quilter Cheviot) 27.0 706 329 27.6 27.6
Quilter channel 17.8 937 543 18.4 14.8
IFA channel 84.4 2,246 565 86.0 35.1
Non-core business 4.2 68 (90) 4.1 2.9
Of which
Quilter
solutions
AuMA AuMA AuM
as at as at 30 as at
30 December Gross Net September 30 September
YTD Q3 gross flows, net flows & AuMA (£bn) 2020 flows (£m) flows (£m) 2021 2021
AFFLUENT SEGMENT
Quilter channel 9.6 1,915 1,337 11.3 7.4
IFA channel 52.8 4,760 1,371 58.3 7.4
Non-core business 1.4 63 (28) 1.4 0.2
Sub-total (Quilter Platform) 63.8 6,738 2,680 71.0 15.0
Via other platforms
Quilter channel 4.7 752 181 4.7 5.0
IFA channel 2.4 226 (345) 2.5 2.5
Non-core businesses 2.8 144 (276) 2.7 2.7
Sub-total 9.9 1,122 (440) 9.9 10.2
Total Affluent Segment 73.7 7,860 2,240 80.9 25.2
HIGH NET WORTH SEGMENT
Quilter channel 2.1 366 290 2.4 2.4
IFA channel incl. Direct 23.2 1,696 487 25.2 25.2
Total High Net Worth Segment 25.3 2,062 777 27.6 27.6
Continuing operations 99.0 9,922 3,017 108.5 52.8
AuMA breakdown:
Affluent administered (Quilter Platform) 63.8 6,738 2,680 71.0 15.0
Affluent managed (Quilter Investors) 23.2 4,151 529 25.2 25.2
HNW managed and administered (Quilter Cheviot) 25.3 2,062 777 27.6 27.6
Quilter channel 16.4 3,033 1,808 18.4 14.8
IFA channel 78.4 6,682 1,513 86.0 35.1
Non-core business 4.2 207 (304) 4.1 2.9
Enquiries
Investor Relations:
John-Paul Crutchley +44 (0)7741 385 251
Keilah Codd +44 (0)7776 649 681
Media:
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 £108.5 billion in customer investments (as at 30 September 2021).
It has an adviser and customer offering spanning: financial advice, investment platforms, multi-asset investment solutions, and discretionary fund
management.
The business is being reorganised into two segments: Affluent and High Net Worth.
Affluent encompasses the financial planning businesses, Quilter Financial Planning, the Quilter Investment Platform and Quilter Investors, the Multi-
asset investment solutions business.
High Net Worth includes the discretionary fund management business, Quilter Cheviot, together with Quilter Private Client Advisers.
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.
Appendix – Third quarter flow disclosure on historic disclosure basis
Quilter plc data tables for the three months ended 30 September 2021 (£bn)
AuMA AuMA
as at Market and as at
30 June Gross Gross other 30 September
Q3 gross flows, net flows & AuMA (£bn) 2021 sales outflows Net flows movements 2021
Quilter Investors 24.8 1.3 (1.2) 0.1 0.3 25.2
Quilter Cheviot 27.0 0.8 (0.4) 0.4 0.2 27.6
Advice & Wealth Management 51.8 2.1 (1.6) 0.5 0.5 52.8
Quilter Investment Platform 69.4 2.2 (1.3) 0.9 0.7 71.0
Wealth Platforms 69.4 2.2 (1.3) 0.9 0.7 71.0
Elimination of intra-group assets (14.8) (1.0) 0.6 (0.4) (0.1) (15.3)
Continuing operations 106.4 3.3 (2.3) 1.0 1.1 108.5
Quilter International 23.2 0.6 (0.4) 0.2 0.2 23.6
Quilter plc 126.6 3.7 (2.5) 1.2 1.3 129.1
AuMA AuMA
as at Market and as at
30 June Gross Gross other 30 September
2020 sales outflows Net flows movements 2020
Quilter Investors 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 57.5 1.2 (1.1) 0.1 1.3 58.9
Wealth Platforms 57.5 1.2 (1.1) 0.1 1.3 58.9
Elimination of intra-group assets (11.9) (0.6) 0.6 - (0.2) (12.1)
Continuing operations 89.7 2.2 (2.1) 0.1 1.9 91.7
Quilter International 20.4 0.3 (0.3) - 0.2 20.6
Quilter plc¹ 107.4 2.7 (2.6) 0.1 2.0 109.5
1
Quilter plc includes AuMA managed by Quilter International that is held on the Quilter Investment Platform, which are recognised in Quilter Investment Platform under
continuing operations (H1 2020 : £1.3bn, Q3 2020 : £1.3bn. H1 2021 : £1.4bn, Q3 2021 : £1.4bn), and includes elimination relating to Quilter International (H1 2020 :
£1.4bn, Q3 2020 : £1.5bn. H1 2021 : £1.6bn, Q3 2021 : £1.6bn).
Quilter plc data tables for the nine months ended 30 September 2021 (£bn)
AuMA AuMA
as at Market and as at
31 December Gross Gross other 30 September
Gross flows, net flows & AuMA (£bn) 2020 sales outflows Net flows movements 2021
Quilter Investors 23.2 4.2 (3.7) 0.5 1.5 25.2
Quilter Cheviot 25.3 2.1 (1.3) 0.8 1.5 27.6
Advice & Wealth Management 48.5 6.3 (5.0) 1.3 3.0 52.8
Quilter Investment Platform 63.8 6.7 (4.0) 2.7 4.5 71.0
Wealth Platforms 63.8 6.7 (4.0) 2.7 4.5 71.0
Elimination of intra-group assets (13.3) (3.1) 2.1 (1.0) (1.0) (15.3)
Continuing operations 99.0 9.9 (6.9) 3.0 6.5 108.5
Quilter International 21.8 1.7 (1.1) 0.6 1.2 23.6
Quilter plc 117.8 11.4 (7.7) 3.7 7.6 129.1
AuMA AuMA
as at Market and as at
31 December Gross Gross other 30 September
2019 sales outflows Net flows movements 2020
Quilter Investors 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 58.6 4.3 (3.2) 1.1 (0.8) 58.9
Wealth Platforms 58.6 4.3 (3.2) 1.1 (0.8) 58.9
Elimination of intra-group assets (11.9) (2.3) 1.9 (0.4) 0.2 (12.1)
Continuing operations 92.5 7.4 (6.3) 1.1 (1.9) 91.7
Quilter International 20.5 1.1 (0.9) 0.2 (0.1) 20.6
Quilter plc¹ 110.4 8.1 (6.9) 1.2 (2.1) 109.5
1
Quilter plc includes AuMA managed by Quilter International that is held on the Quilter Investment Platform, which are recognised in Quilter Investment Platform under
continuing operations (FY 2019 : £1.4bn, Q3 2020 : £1.3bn. FY 2020 : £1.4bn, Q3 2021 : £1.4bn), and includes elimination relating to Quilter International (FY 2019 :
£1.2bn, Q3 2020 : £1.5bn. FY 2020 : £1.6bn, Q3 2021 : £1.6bn).
JSE Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
Date: 03-11-2021 09:00:00
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