TIDMQLT
RNS Number : 8318M
Quilter PLC
26 January 2021
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
GBP117.8 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 GBP2.8 billion (2019: GBP3.5
billion) and net inflows of GBP0.4 billion (2019: GBP0.5
billion).
o 2020 total gross sales of GBP10.9 billion (2019: GBP12.3
billion) and net inflows of GBP1.6 billion (2019: GBP0.3
billion).
o Average 2020 AuMA of GBP107.9 billion (2019: GBP105.7
billion), an increase of 2% in volatile equity markets.
-- Strong flow performance from the Quilter Investment Platform.
Modestly lower gross sales of GBP5.7 billion in 2020 (2019: GBP6.0
billion) offset by improved retention, driving higher net inflows
of GBP1.5 billion (2019: GBP0.9 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 GBP2.3 billion.
Highlights: Strategic Progress
-- Following the successful second client asset migration at the
end of November, by end-2020 c.80% (approx.GBP50 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 GBP153.0 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 (GBPbn), 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 (GBPbn), 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 (GBPbn)
AuMA AuMA
as at Market as at
Q4 gross flows, net flows 30 September Gross Gross and other 31 December
& AuMA (GBPbn) 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 as at
30 September Gross Gross and other 31 December
2019 sales outflows Net flows movements 2019
---------------------------- ------------- ------ --------- --------- ---------- ------------
Quilter Investors(1) 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
GBP0.8 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 (GBPbn)
AuMA AuMA
as at Market as at
Gross flows, net flows & 31 December Gross Gross and other 31 December
AuMA (GBPbn) 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 as at
31 December Gross Gross and other 31 December
2018 sales outflows Net flows movements 2019
---------------------------- ------------ ------ --------- --------- ---------- ------------
Quilter Investors(1) 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
GBP0.8 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 2021(1)
(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 GBP117.8 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.
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END
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