Quilter shares surge 13% on profits jump despite weaker inflows

Inflows slump by 56%

Quilter’s shares have surged over 10% after the firm reported a profits uptick in the first half of 2023, despite weaker inflows, thanks to a boost from earning greater interest on cash.

In its half-year results released today (8 August), the FTSE 100 wealth manager said assets under management and administration were £101.7bn at the end of June, up 2% from December 2022, with positive market movements of £1.9bn and net inflows of £0.2bn.  The average AUMA for the period was £101.8bn, however, this was a decrease of 3% from £105.3bn in the same period last year. The lower average assets led to a net management fee revenue fall of 2% to £242m.  Despite this, adjusted profit before tax increased by 25% to £76m as the drop in fee revenues were offset by cost management, ...