FTSE 250 wealth manager Quilter (LON:QLT) watched its share price climb 3.70% to 158.50p (as of 14:10 GMT) after assets under management grew by 7% over the year ended 31st December, driven by net inflows and positive market movement.
CEO Paul Feeney 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“.