Total asset under management and administration rose 7% to £126.6bn as at end-June
Shares in Quilter lost over 7.6% of their value on Wednesday as the UK wealth manager that was once part of the Old Mutual stable reported a 20% rise in first-half adjusted profit before tax.
Net client cash flow surged 127% to £2.5bn year on year and represented 4% of opening assets under management and administration. “I am pleased with our interim results, which demonstrate strong growth in flows across our business, with a material improvement from our new platform following our final migration of clients and advisers in February,” CEO Paul Feeney said.
Total asset under management and administration, which represents the total market value of all financial assets managed and administered on behalf of clients, rose 7% to £126.6bn as at end-June.
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