Quilter reports 38% drop in flows; Unveils plans to improve margins and transform UK platform

'Optimisation' plans to reduce costs

Quilter has reported increased profits and improvement in operating margins for 2018 - the year it completed its managed separation from Old Mutual - but it was not immune from the investor exodus, reporting flows were down 38%.

In the firm's maiden results, for the year to 31 December 2018, net client cash flows (excluding Quilter Life Assurance) dropped to £4.7bn - down from £7.6bn the year before - while assets under management/administration (AUMA) declined 4% year-on-year to close 2018 at £109.3bn. Quilter noted, however, this was impacted by negative market performance, which knocked £7.8bn off the total figure. Net client cash flows for the advice and wealth management businesses was positive at £3.5bn but lower than the previous year where it was logged at £4.4bn, while the firm also noted the "disapp...