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Fourth 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")
26 January 2022
Quilter plc
Fourth Quarter 2021 Trading Statement
Quilter plc reports a strong final quarter of 2021 with substantially improved year-on-year net flows
Note: all figures are on a continuing basis, excluding Quilter International, the sale of which completed on 30 November 2021.
Highlights:
• Assets under Management and Administration (“AuMA”) of £111.8 billion at the end of December 2021 (+13% from 31 December 2020), with
growth supported by improved net flows and positive market movement
o Year-to-date net inflows of £4.0 billion (2020: £1.5 billion) representing 4% of opening AuMA (2020: 2%).
o Fourth quarter net inflows of £1.0 billion (2020: £0.3 billion).
o Average AuMA, the principal driver of net management fee revenue, of £105.3 billion (2020: £90.2 billion), up 17%.
• Strong performance from the new Quilter Investment Platform with £9.0 billion gross flows (+58%) and £3.5 billion net inflows (+136%) during the
year coupled with stable retention. Net Platform inflows represented 6% of opening assets under administration (2020: 3%).
• Defined Benefit to Defined Contribution transfers in the fourth quarter of £114 million and £581 million for 2021 both lower than the comparable
period of £177 million and £862 million respectively.
Quilter plc: Three months ended 31 December 2021
Quilter plc, unaudited Q4 2021 Q4 2020
AuMA (£bn) 111.8 99.0
Of which administered by the Quilter Investment Platform 73.2 63.8
Of which managed by Quilter Investors 25.6 23.2
Of which managed by Quilter Cheviot 28.7 25.3
Gross flow (£m) 3,253 2,394
Net inflow (£m) 949 307
Productivity: Quilter channel gross sales per Quilter Adviser (£m, annualised) 2.3 1.7
Quilter plc: Twelve months ended 31 December 2021
Quilter plc, unaudited 2021 2020
AuMA (£bn) 111.8 99.0
Gross flow (£m) 13,175 9,863
Net inflow (£m) 3,967 1,491
Productivity: Quilter channel gross sales per Quilter Adviser (£m) 2.3 1.8
Paul Feeney, Chief Executive Officer of Quilter plc, commented:
“2021 was a year of continued business challenge caused by the COVID pandemic coupled with a degree of market volatility. However, it was also a
year which highlighted the strength of our advice-based model, which delivered consistent flows of around £1 billion a quarter into our business during
2021 and we expect momentum to continue to improve in 2022.
“I am delighted with how our new Quilter Investment Platform has been received by financial advisers and customers with a sharp increase in gross
flows to £9.0 billion (+58%) and net inflows of £3.5 billion (+136%) during the year. Gross flows from IFAs were up 63% year-on-year reversing the
declines we saw from that channel in recent years in the lead up to the Platform’s migration to new technology. I expect this momentum to build as
we begin to encourage new IFA firms to start using our new platform given the wider range of products we can offer and assets we can now hold.
“I am also pleased with the significant year-on-year improvement in flows into Quilter Cheviot. Net inflows of 2021 of £282 million in the fourth quarter
of 2021 and £1,059 million for the full year were both significantly higher than the comparable period of 2020 (£17 million and £264 million respectively).
Full year Quilter Cheviot net inflows represented 4% of opening assets under management (2020: 1%). Although rebalancing of our MPS portfolio
over the course of the year contributed to a drag in net inflows into Quilter Investors, the launch of our repositioned Wealth Select range later this year
will remove this potential headwind. I am also delighted to welcome Marcus Brookes as Chief Investment Officer of Quilter Investors. Marcus will join
us in the second quarter and brings great experience and insight in creating multi-asset solutions that meet client expectations, which will underpin
the next phase of Quilter Investors’ growth.”
Reference: Historical disclosure of flows and assets in Quilter’s new segmentation are included in an appendix to this announcement.
Of which
Quilter
AuMA AuMA solutions
as at as at 31 AuM as at
30 September Gross Net December 31 December
Q4 2021 gross flows, net flows & AuMA (£bn), unaudited 2021 flows (£m) flows (£m) 2021 2021
AFFLUENT SEGMENT
Quilter channel 11.3 691 493 11.7 7.7
IFA channel 58.3 1,573 319 60.0 7.8
Non-core business 1.4 40 4 1.5 -
Sub-total (Quilter Platform) 71.0 2,304 816 73.2 15.5
Via other platforms
Quilter channel 4.7 198 21 4.7 5.0
IFA channel 2.5 86 (106) 2.5 2.5
Non-core businesses 2.7 31 (64) 2.7 2.6
Sub-total 9.9 315 (149) 9.9 10.1
Total Affluent Segment 80.9 2,619 667 83.1 25.6
HIGH NET WORTH SEGMENT
Quilter channel 2.4 96 70 2.5 2.5
IFA channel incl. Direct 25.2 538 212 26.2 26.2
Total High Net Worth Segment 27.6 634 282 28.7 28.7
Quilter plc 108.5 3,253 949 111.8 54.3
AuMA breakdown:
Affluent administered (Quilter Platform) 71.0 2,304 816 73.2 15.5
Affluent managed (Quilter Investors) 25.2 1,142 9 25.6 25.6
HNW managed and administered (Quilter Cheviot) 27.6 634 282 28.7 28.7
Quilter channel 18.4 985 584 18.9 15.2
IFA channel 86.0 2,197 425 88.7 36.5
Non-core business 4.1 71 (60) 4.2 2.6
Of which
Quilter
AuMA AuMA solutions
as at as at 31 AuM as at
31 December Gross Net December 31 December
2021 full year gross flows, net flows & AuMA (£bn), unaudited 2020 flows (£m) flows (£m) 2021 2021
AFFLUENT SEGMENT
Quilter channel 9.6 2,606 1,830 11.7 7.7
IFA channel 52.8 6,333 1,690 60.0 7.8
Non-core business 1.4 103 (24) 1.5 -
Sub-total (Quilter Platform) 63.8 9,042 3,496 73.2 15.5
Via other platforms
Quilter channel 4.7 950 203 4.7 5.0
IFA channel 2.4 312 (451) 2.5 2.5
Non-core businesses 2.8 175 (340) 2.7 2.6
Sub-total 9.9 1,437 (588) 9.9 10.1
Total Affluent Segment 73.7 10,479 2,908 83.1 25.6
HIGH NET WORTH SEGMENT
Quilter channel 2.1 462 360 2.5 2.5
IFA channel incl. Direct 23.2 2,234 699 26.2 26.2
Total High Net Worth Segment 25.3 2,696 1,059 28.7 28.7
Quilter plc 99.0 13,175 3,967 111.8 54.3
AuMA breakdown:
Affluent administered (Quilter Platform) 63.8 9,042 3,496 73.2 15.5
Affluent managed (Quilter Investors) 23.2 5,293 538 25.6 25.6
HNW managed and administered (Quilter Cheviot) 25.3 2,696 1,059 28.7 28.7
Quilter channel 16.4 4,018 2,393 18.9 15.2
IFA channel 78.4 8,879 1,938 88.7 36.5
Non-core business 4.2 278 (364) 4.2 2.6
Of which
Quilter
AuMA AuMA solutions
as at as at 31 AuM as at
30 September Gross Net December 31 December
Q4 2020 gross flows, net flows & AuMA (£bn), unaudited 2020 flows (£m) flows (£m) 2020 2020
AFFLUENT SEGMENT
Quilter channel 8.5 433 271 9.6 6.3
IFA channel 49.1 1,018 118 52.8 6.6
Non-core business 1.3 14 (13) 1.4 0.2
Sub-total (Quilter Platform) 58.9 1,465 376 63.8 13.1
Via other platforms
Quilter channel 4.2 253 70 4.7 4.8
IFA channel 2.3 125 (65) 2.4 2.4
Non-core businesses 2.7 61 (91) 2.8 2.9
Sub-total 9.2 439 (86) 9.9 10.1
Total Affluent Segment 68.1 1,904 290 73.7 23.2
HIGH NET WORTH SEGMENT
Quilter channel 1.9 94 56 2.1 2.1
IFA channel incl. Direct 21.7 396 (39) 23.2 23.2
Total High Net Worth Segment 23.6 490 17 25.3 25.3
Quilter plc 91.7 2,394 307 99.0 48.5
AuMA breakdown:
Affluent administered (Quilter Platform) 58.9 1,465 376 63.8 13.1
Affluent managed (Quilter Investors) 21.3 1,238 36 23.2 23.2
HNW managed and administered (Quilter Cheviot) 23.6 490 17 25.3 25.3
Quilter channel 14.6 780 397 16.4 13.2
IFA channel 73.1 1,539 14 78.4 32.2
Non-core business 4.0 75 (104) 4.2 3.1
Of which
Quilter
AuMA AuMA solutions
as at as at 31 AuM as at
31 December Gross Net December 31 December
2020 full year gross flows, net flows & AuMA (£bn), unaudited 2019 flows (£m) flows (£m) 2020 2020
AFFLUENT SEGMENT
Quilter channel 7.4 1,793 1,183 9.6 6.3
IFA channel 49.9 3,888 351 52.8 6.6
Non-core business 1.3 46 (56) 1.4 0.2
Sub-total (Quilter Platform) 58.6 5,727 1,478 63.8 13.1
Via other platforms
Quilter channel 5.5 1,053 69 4.7 4.8
IFA channel 1.5 342 (292) 2.4 2.4
Non-core businesses 2.6 599 (28) 2.8 2.9
Sub-total 9.6 1,994 (251) 9.9 10.1
Total Affluent Segment 68.2 7,721 1,227 73.7 23.2
HIGH NET WORTH SEGMENT
Quilter channel 1.7 460 347 2.1 2.1
IFA channel incl. Direct 22.5 1,682 (83) 23.2 23.2
Total High Net Worth Segment 24.2 2,142 264 25.3 25.3
Quilter plc 92.4 9,863 1,491 99.0 48.5
AuMA breakdown:
Affluent administered (Quilter Platform) 58.6 5,727 1,478 63.8 13.1
Affluent managed (Quilter Investors) 21.6 4,986 284 23.2 23.2
HNW managed and administered (Quilter Cheviot) 24.2 2,142 264 25.3 25.3
Quilter channel 14.6 3,306 1,599 16.4 13.2
IFA channel 73.9 5,912 (24) 78.4 32.2
Non-core business 3.9 645 (84) 4.2 3.1
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 £111.8 billion in customer investments (as at 31 December 2021).
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: 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 – Quarterly Flow disclosure – Q1 to Q3 2021, and Q1 to Q3 2020
Of which
Quilter
AuMA solutions
as at AuMA AuM
31 December Gross Net as at 31 as at
Q1 2020 gross flows, net flows & AuMA (£bn), unaudited 2019 flows (£m) flows (£m) March 2020 31 March 2020
AFFLUENT SEGMENT
Quilter channel 7.4 506 342 6.9 4.6
IFA channel 49.9 1,173 115 42.6 5.4
Non-core business 1.3 14 (13) 1.2 0.2
Sub-total (Quilter Platform) 58.6 1,693 444 50.7 10.2
Via other platforms
Quilter channel 5.5 362 61 3.8 3.8
IFA channel 1.5 61 (96) 1.8 1.8
Non-core businesses 2.6 153 (53) 2.3 2.3
Sub-total 9.6 576 (88) 7.9 7.9
Total Affluent Segment 68.2 2,269 356 58.6 18.1
HIGH NET WORTH SEGMENT
Quilter channel 1.7 140 98 1.5 1.5
IFA channel incl. Direct 22.5 588 (18) 19.2 19.2
Total High Net Worth Segment 24.2 728 80 20.7 20.7
Quilter plc 92.4 2,997 436 79.3 38.8
AuMA breakdown:
Affluent administered (Quilter Platform) 58.6 1,693 444 50.7 10.2
Affluent managed (Quilter Investors) 21.6 1,533 193 18.1 18.1
HNW managed and administered (Quilter Cheviot) 24.2 728 80 20.7 20.7
Quilter channel 14.6 1,008 501 12.2 9.9
IFA channel 73.9 1,822 1 63.6 26.4
Non-core business 3.9 167 (66) 3.5 2.5
Of which
Quilter
AuMA solutions
as at AuMA AuM
31 March Gross Net as at 30 as at
Q2 2020 gross flows, net flows & AuMA (£bn), unaudited 2020 flows (£m) flows (£m) June 2020 30 June 2020
AFFLUENT SEGMENT
Quilter channel 6.9 448 320 8.2 5.5
IFA channel 42.6 873 183 48.0 6.0
Non-core business 1.2 11 (6) 1.3 0.2
Sub-total (Quilter Platform) 50.7 1,332 497 57.5 11.7
Via other platforms
Quilter channel 3.8 233 (42) 4.2 4.4
IFA channel 1.8 86 (46) 2.1 2.1
Non-core businesses 2.3 167 40 2.6 2.6
Sub-total 7.9 486 (48) 8.9 9.1
Total Affluent Segment 58.6 1,818 449 66.4 20.8
HIGH NET WORTH SEGMENT
Quilter channel 1.5 125 115 1.8 1.8
IFA channel incl. Direct 19.2 381 40 21.5 21.5
Total High Net Worth Segment 20.7 506 155 23.3 23.3
Quilter plc 79.3 2,324 604 89.7 44.1
AuMA breakdown:
Affluent administered (Quilter Platform) 50.7 1,332 497 57.5 11.7
Affluent managed (Quilter Investors) 18.1 1,140 79 20.8 20.8
HNW managed and administered (Quilter Cheviot) 20.7 506 155 23.3 23.3
Quilter channel 12.2 806 393 14.2 11.7
IFA channel 63.6 1,340 177 71.6 29.6
Non-core business 3.5 178 34 3.9 2.8
Of which
Quilter
AuMA solutions
AuMA as at AuM
as at 31 as at
30 June Gross Net September 31 September
Q3 2020 gross flows, net flows & AuMA (£bn), unaudited 2020 flows (£m) flows (£m) 2020 2020
AFFLUENT SEGMENT
Quilter channel 8.2 406 250 8.5 5.6
IFA channel 48.0 824 (65) 49.1 6.3
Non-core business 1.3 7 (24) 1.3 0.2
Sub-total (Quilter Platform) 57.5 1,237 161 58.9 12.1
Via other platforms
Quilter channel 4.2 205 (20) 4.2 4.2
IFA channel 2.1 70 (85) 2.3 2.3
Non-core businesses 2.6 218 76 2.7 2.7
Sub-total 8.9 493 (29) 9.2 9.2
Total Affluent Segment 66.4 1,730 132 68.1 21.3
HIGH NET WORTH SEGMENT
Quilter channel 1.8 101 78 1.9 1.9
IFA channel incl. Direct 21.5 317 (66) 21.7 21.7
Total High Net Worth Segment 23.3 418 12 23.6 23.6
Quilter plc 89.7 2,148 144 91.7 44.9
AuMA breakdown:
Affluent administered (Quilter Platform) 57.5 1,237 161 58.9 12.1
Affluent managed (Quilter Investors) 20.8 1,074 (24) 21.3 21.3
HNW managed and administered (Quilter Cheviot) 23.3 418 12 23.6 23.6
Quilter channel 14.2 712 308 14.6 11.7
IFA channel 71.6 1,211 (216) 73.1 30.3
Non-core business 3.9 225 52 4.0 2.9
Of which
Quilter
AuMA AuMA solutions
as at as at AuM
31 December Gross Net 31 March as at
Q1 2021 gross flows, net flows & AuMA (£bn), unaudited 2020 flows (£m) flows (£m) 2021 31 March 2021
AFFLUENT SEGMENT
Quilter channel 9.6 613 435 9.9 6.5
IFA channel 52.8 1,625 584 54.4 7.1
Non-core business 1.4 24 (3) 1.4 0.2
Sub-total (Quilter Platform) 63.8 2,262 1,016 65.7 13.8
Via other platforms
Quilter channel 4.7 256 84 4.9 4.9
IFA channel 2.4 105 (161) 2.3 2.3
Non-core businesses 2.8 53 (105) 2.7 2.7
Sub-total 9.9 414 (182) 9.9 9.9
Total Affluent Segment 73.7 2,676 834 75.6 23.7
HIGH NET WORTH SEGMENT
Quilter channel 2.1 126 95 2.2 2.2
IFA channel incl. Direct 23.2 577 112 23.2 23.2
Total High Net Worth Segment 25.3 703 207 25.4 25.4
Quilter plc 99.0 3,379 1,041 101.0 49.1
AuMA breakdown:
Affluent administered (Quilter Platform) 63.8 2,262 1,016 65.7 13.8
Affluent managed (Quilter Investors) 23.2 1,493 216 23.7 23.7
HNW managed and administered (Quilter Cheviot) 25.3 703 207 25.4 25.4
Quilter channel 16.4 995 614 17.0 13.6
IFA channel 78.4 2,307 535 79.9 32.6
Non-core business 4.2 77 (108) 4.1 2.9
Of which
Quilter
AuMA AuMA solutions
as at as at AuM
31 March Gross Net 30June as at
Q2 2021 gross flows, net flows & AuMA (£bn), unaudited 2021 flows (£m) flows (£m) 2021 30 June 2021
AFFLUENT SEGMENT
Quilter channel 9.9 648 433 10.8 7.1
IFA channel 54.4 1,584 366 57.2 7.3
Non-core business 1.4 19 (16) 1.4 0.2
Sub-total (Quilter Platform) 65.7 2,251 783 69.4 14.6
Via other platforms
Quilter channel 4.9 311 96 4.7 4.9
IFA channel 2.3 34 (72) 2.5 2.5
Non-core businesses 2.7 43 (90) 2.8 2.8
Sub-total 9.9 388 (66) 10.0 10.2
Total Affluent Segment 75.6 2,639 717 79.4 24.8
HIGH NET WORTH SEGMENT
Quilter channel 2.2 142 122 2.3 2.3
IFA channel incl. Direct 23.2 511 119 24.7 24.7
Total High Net Worth Segment 25.4 653 241 27.0 27.0
Quilter plc 101.0 3,292 958 106.4 51.8
AuMA breakdown:
Affluent administered (Quilter Platform) 65.7 2,251 783 69.4 14.6
Affluent managed (Quilter Investors) 23.7 1,390 215 24.8 24.8
HNW managed and administered (Quilter Cheviot) 25.4 653 241 27.0 27.0
Quilter channel 17.0 1,101 651 17.8 14.3
IFA channel 79.9 2,129 413 84.4 34.5
Non-core business 4.1 62 (106) 4.2 3.0
Of which
Quilter
solutions
AuMA AuMA AuM
as at as at 30 as at
30 June Gross Net September 30 September
Q3 2021 gross flows, net flows & AuMA (£bn), unaudited 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
Quilter plc 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
JSE Sponsor:
J.P. Morgan Equities South Africa Proprietary Limited
Date: 26-01-2022 09:00:00
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