Wealth manager and Financial Planning firm Quilter has re-structured its business, shifting focus towards high net worth and affluent clients.
Quilter announced the reorganisation this week along with its third quarter results.
The firm reported third quarter net inflows of £1bn, a big increase from the £0.1bn reported in the same quarter last year.
The Quilter Investment Platform saw particularly strong flows with year-to-date net flows up 142% to £2.7bn (2020: £1.1bn). Gross flows rose 58% to £6.7bn (2020: £4.3bn) over the same period.
The firm said there was increased adviser usage of the new Quilter platform with year-to-date net flows up nearly five-fold to £1.4bn in the IFA channel.
Paul Feeney, CEO of Quilter, said the reorganisation of the firm is part of plans to drive growth and efficiency across the business.
The core proposition will have two arms. The affluent arm will include Quilter Financial Planning, the Quilter platform, and Quilter Investments. The arm had assets under management and administration of £80.9bn as at 30 September.
It will be led by Steven Levin, chief executive of Quilter Investors and the Quilter platform.
Mr Levin said the reorganisation of the firm to bring these three businesses together in the affluent arm allows them to become more efficient and integrated.
The high-net-worth arm will focused on the group’s DFM services. Mr Feeney said this is because these clients value a more bespoke discretionary managed position.
This arm will be led by Andy McGlone, chief executive of Quilter Cheviot. It had assets under management and administration of £27.6bn as at 30 September.
The move brings Quilter Private Client Advisers, the group’s current high-net-worth business, into its core business as the firm sees a “real opportunity to drive faster growth” in this area.
Quilter’s assets under management and administration sat at £108.5bn at the end of September 2021.
Net year-to-date flows were £3bn, almost three times the £1.1bn seen in the same period last year.
For the third quarter, Quilter saw net flows of just over £1bn, of which £689m came from the affluent arm and £329m came from the high-net-worth arm.