StockMarketWire.com - Financial services company Quilter said its assets under management grew 5.1% in the first quarter, supported by market performance.

Assets under management and administration rose to £114.9bn at the end of March compared to the end of December.

Net client cash flows were negative £0.2bn, but positive £0.5bn excluding life assurance.

'As indicated at our full year results, net client cash flows have continued to be affected by the challenging markets,' chief executive Paul Feeney said.

'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.'

'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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