LONDON (ShareCast) - (Sharecast News) - Wealth management company Quilter reported "resilient" first-quarter gross and net flows on Wednesday despite heightened market uncertainty throughout the period.

Quilter said assets under management and administration were £107.2bn at the end of March, a decline of 4% from 31 December 2021. However, Quilter's average AuMA for the first quarter of £107.6bn was "modestly ahead" of 2021's full-year average of £105.3bn.

The FTSE 250-listed firm stated net inflows of £1.0bn were flat year-on-year despite the "volatile market backdrop", representing 4% of opening AuMA annualised.

Quilter did note that strong early net flow momentum in the quarter was impacted by market uncertainty following the outbreak of conflict in Ukraine in late February but did note that it had seen continued improvement in adviser productivity, with annualised gross flow per adviser up 14% to £2.5m.

Chief executive Paul Feeney said: "As I mentioned at the time of our full-year results in March, net inflows in the first two months of the year were comfortably ahead of the comparable period in 2021 but the invasion of Ukraine in late February dampened investor sentiment for most of March.

"Our resilient overall performance throughout this period has underlined both the strength of our advice-based model and demonstrated the potential of our transformed business."

As of 0920 BST, Quilter shares were down 3.23% at 140.75p.

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