UK wealth management business Quilter releases its financial results for the first half of 2024.

Total assets under management and administration (AuMA) at Quilter rose to £113.8 billion ($145 billion) at the end of June 2024, an increase of 7 per cent compared with £106.7 billion at the end of December 2023. The results driven by net inflows of £1.5 billion and positive market movements of £5.6 billion.

Core gross inflows of £7.4 billion increased by 35 per cent, compared with £5.5 billion in the first half of 2023, with the second quarter contribution higher than the first, the first said in a statement.

Core net inflows totalled £1.7 billion, an increase of as much as 164 per cent, compared with £0.7 billion in the first half of 2023. This reflected continued good performance from the Quilter channel in both high net worth and affluent segments and improved IFA channel flows onto the Quilter platform.

Net and gross platform flows increased in both quarters. Notably, second quarter platform flows were ahead of the first, with increased IFA channel flows contributing to much stronger net flows relative to the first half of 2023.

Non-core net outflows of £0.2 billion, compared with £0.5 billion in the first half of 2023, relate to assets still managed on behalf of businesses sold.

Adjusted profit before tax increased by 28 per cent to £97 million, from £76 million in the first half of 2023, delivering an operating margin of 29 per cent, an increase of 5 per cent since the first half of 2023, the firm continued.

Total net revenue increased by 5 per cent to £329 million from £312 million in the first half of 2023, with an increase in revenue generated on corporate cash balances partially offset by planned revenue margin attrition. This was coupled with strong expense discipline which delivered a third consecutive decline in first half costs. These reduced by £4 million to £232 million in the period, despite inflationary pressures.

Quilter highlighted that affluent segment revenues increased 6 per cent to £206 million from £195 million in the first half of 2023, reflecting higher average AuMA and net inflows. High net worth segment revenues also increased 4 per cent to £112 million from £108 million in the first half of 2023 reflecting higher average AuMA on a slightly lower revenue margin.

“We delivered a strong performance in the first half of 2024, combining record adjusted profit, consistently strong Quilter channel flows, significantly increased Platform IFA flows, and good progress on delivering our efficiency initiatives. Our work to transform Quilter is delivering tangible results, but we have more to do to reach the ambitious goals we have set for ourselves,” Steven Levin, chief executive officer, said.

Quilter is a wealth management business, overseeing £111.6 billion ($142 billion) in customer investments. Its advisor and customer offering spans financial advice, investment platforms, multi-asset investment solutions and discretionary fund management.