Quilter PLC on Wednesday reported growth in assets under management & administration, and net flows in the first quarter of 2024, demonstrating tentative signs of improving market sentiment.

The London-based wealth manager said AuMA rose 9.5% to £111.6 billion as at the end of March 31, compared to £101.9 billion as at March 31, 2023. The value of assets that Quilter manages was up 5% from £106.7 billion at December 31, 2023.

This, it said, reflected improved net inflows and higher equity markets, partially offset by rising bond yields in the quarter which reduced the market value of bond portfolios.

Gross flow rose 29% to £3.65 billion at March 31, from £2.82 billion at March 31, 2023. Core net inflows of £810 million were approximately double the prior year level of £409 million.

Non-core net outflows in the first quarter was £103 million, up 7.3% compared to £96 million.

‘We are pleased to report that our first quarter net flows are running at double the level experienced last year, reflecting the momentum in our business, actions we have taken and tentative signs of improving market sentiment,’ Quilter Chief Executive Officer Steven Levin said.

‘The Quilter channel continues to drive strong flows in both our High Net Worth and Affluent segments. Our focus on broadening and deepening our business relationships is demonstrating clear results, with IFA and Quilter channel gross new business increasing by 34% and 21% respectively on the prior year,’ Levin said.

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