Inflows suffer
Meanwhile, inflows at Quilter stalled in Q3 this year as a perfect storm of coronavirus uncertainty, its upcoming platform migration and the return of Brexit to the economic table took its toll.
For the three months to September, Quilter reported total net flows of £400m. In its half year results published in August the firm saw net flows of £1.4bn in the first six months of 2020.
Chief executive Paul Feeney said: "Despite a more challenging market backdrop, we are pleased with the substantial year-on-year improvement in net flows.
"Gross flows were broadly stable and outflows relating to the departure of a specific team in Quilter Cheviot reduced to £31m in the quarter from £615m in the third quarter of 2019."
Quilter is expected to complete the next stage of its delayed platform migration with advisers and clients on the last weekend in November, with 80 per cent of assets set to be migrated by the end of the year.
Earlier this year the company increased the estimated budget for its platform migration by £15m to £200m, having battled delays earlier this year as a result of the coronavirus pandemic.
Mr Feeney said: "Our strategic plans are progressing well with our major migration of assets from our existing platform to our new platform confirmed with advisers and clients to complete in the last weekend in November.
"Our capital return programme remains on track, we continue to control costs tightly and current trading continues to be in line with our expectations."
david.thorpe@ft.com, rachel.mortimer@ft.com
