LONDON (ShareCast) - (Sharecast News) - Wealth manager Quilter announced a 2% increase in assets under management and administration (AuMA) on Tuesday, standing at £101.7bn at the end of June.
The FTSE 250 company said the rise was mainly due to favourable market movements, contributing £1.9bn, and a robust performance in its core business.

It reported gross inflows of £5.5bn in the first half of 2023, distributed evenly across both quarters. Net inflows for the same period totalled £0.7bn.

Despite a 9% decline in the overall market, Quilter said second-quarter flows increased by 5% year-on-year.

"We are targeting an additional £50m of simplification savings by 2025 and we expect consensus profit estimates for this year to increase materially," the company said

Adjusted profit before tax jumped 25% to £76m, while revenue also grew, by 3% to £312m, bolstered by revenue from corporate cash balances.

Quilter said it was on track to achieve its target of £45m in 'simplification' cost savings by the end of 2023 - one year ahead of schedule. An additional saving of £50m was then expected by the end of 2025.

The interim dividend was lifted 25% to 1.5p per shar.

"We have delivered a strong improvement in first half profitability, pleasing flow outcomes in the Quilter channel and improved our market share of new advised platform flows," said chief executive officer Steven Levin.

Reporting by Josh White for Sharecast.com.

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