StockMarketWire.com - Wealth manager Quilter, which was recently spun out of South African group Old Mutual, posted a modest rise in third-quarter assets under management.

AuM for the three months through September increased 1.2% to £109.5 billion, up from £108.2 billion.

Quilter recorded net inflows for the period of £0.4 billion, the same level as a year earlier.

'Despite a more challenging market backdrop, we are pleased with the substantial year-on-year improvement in net flows,' chief executive Paul Feeney said.

'Gross flows were broadly stable and outflows relating to the departure of a specific team in Quilter Cheviot reduced to £31 million in the quarter from £615 million in the third quarter of 2019.'

'As expected, third-quarter net flows were seasonally weaker than the first half of the year due to the Covid-19 induced economic slowdown, our planned platform migration in the final quarter and the re-emergence of Brexit related concerns towards the end of the quarter.'

'However, both period end AuMA of £109.5 billion and average AuMA of £106.2 billion were ahead of the 30 June 2020 closing positions of £107.4 billion and £105.1 billion,respectively.'

' Our capital return programme remains on track, we continue to control costs tightly and current trading continues to be in line with our expectations.'



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