- Quilter, the fund manager recently spun out of Old Mutual, said its annual assets under management had risen 7%, boosted by improved net inflows and positive market movements.

Assets under management and administration for the year through December had risen to £117.8 billion, up from £110.4 billion at the end of 2019.

Fourth-quarter gross sales amounted to £2.8 billion, with net inflows of £0.4 billion, compared to £0.5 billion year-on-year.

Annul net flows were £1.6 billion, up from £0.3 billion in 2019.

'2020 was a year of unprecedented challenges in so many respects and one of extraordinary market volatility,' chief executive Paul Feeney said.

'It is in challenging times like these that our advice-based model comes to the fore and this is reflected through the higher levels of client retention experienced in 2020, at 92% versus 88% in 2019.'

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