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Quilter gets cautious on pension transfer business

Quilter gets cautious on pension transfer business

Quilter reported net inflows of £500 million in the first quarter, which helped push up assets under management and administration by 5.1% to £114.9 billion.

The figures exclude subsidiary Quilter Life Assurance, which the group said saw outflows of £0.9 billion, albeit in a ‘deliberate run-off book’.

The company also said it is taking a more cautious approach to pension transfer business, with inflows from defined benefit to defined contribution arrangements falling from £0.6 billion to £0.2 billion year-on-year.

Quilter added that it expects its offer to buy IFA group Lighthouse to achieve shareholder support in the second quarter.

CEO Paul Feeney (pictured) said: ‘As indicated at our full year results, net client cash flows have continued to be affected by the challenging markets. However, we continue to be encouraged by the resilience of integrated flows which have remained robust during this period, and the high level of customer asset retention across our businesses which was broadly stable on 2018 at 89%.

‘While near-term headwinds remain, this demonstrates that our clients and their advisers value Quilter's integrated advice-led model, and continues to be supportive of our operating margin and revenue outlook.’

He added: ‘To support our continued strategic progress, we were delighted to announce the recommended cash offer for Lighthouse Group. The scheme document was posted to their shareholders earlier this week and we look forward to their advisers joining the Quilter family, and helping to secure our position as the best place to go for trusted financial advice in the UK.’

 

 

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