- Wealth manager Quilter said its assets under management over the first nine months of the year had risen by 9%, boosted by a positive market performance that offset fund outflows.

Assets under management at 30 September amounted to £118.7bn, up from £109.3bn at the end of December.

The company said year-to-date outflows amounted to £0.2bn, excluding Quilter life assurance, after outflows of £1.4bn arose from investment manager departures within Quilter Cheviot and the loss of a quasi-institutional mandate.

In the third quarter, gross sales fell 12% to £3.0bn, while fund outflows amounted to £0.5bn.

'As indicated earlier this year, we expected this year to be challenging for net client cash flows, reflecting an uncertain political and economic backdrop coupled with some Quilter-specific factors, in particular, the loss of a certain cohort of investment managers in Quilter Cheviot last year,' chief executive Paul Feeney said.

'Positively, gross flows within Quilter Cheviot in the third quarter were up year-on-year partially reflecting the contribution from recent investment manager hires.'

'Notwithstanding the challenging backdrop, we continue to be encouraged by resilient gross flows and high levels of customer asset retention across our businesses which were broadly stable on 2018, excluding the impact of the Quilter Cheviot outflows.'

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

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