- Wealth manager Quilter said its assets under management fell 8% in the first quarter after net inflows were offset by a negative market performance.

The company also said it was dropping its 2020 margin guidance in the wake of the Covid-19 crisis, but still intended to pay a final dividend for 2019 and continue a buyback.

Assets under management for the three months through March fell to £95.3m, down from £103.6m on-year.

Net inflows over the quarter amounted to £0.5bn, which was stable on-year.

'The group recognises that lower AuMA will lead to a materially lower run-rate of revenues and while the group is undertaking a number of management actions to reduce expenses, it no longer expects to achieve its 27% operating margin target in 2020, Quilter said.

The company said it had cash of around £750m a the end of March and had an estimated group solvency ratio of about 210% following planned capital returns.

'Accordingly, given this strong financial position, the group intends to continue with the first tranche of the buyback, recommend payment of the 2019 final dividend and to undertake the odd-lot offer.

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