Financial services firm Quilter has suffered net outflows of £2.3bn for the nine-month period ending 30 September 2019, which follows on from a 90% fall in net flows in its half year results.
The latest figures show a steep decrease from inflows of £2.7bn between Q1 – Q3 2018.
Gross sales during the nine-month period came in at £9bn, compared to £11.5bn in the previous year, while gross outflows rose to £11.3bn from £8.8bn.
During Q3 2019, net outflows were £1.4bn, compared to inflows of £500m for the three months ending 30 September 2018.
The firm reported a small rise in assets under management (AuM) to £118.7bn as at end of September 2019, up 0.5% from £118.1bn a year ago.
Paul Feeney, chief executive of Quilter, said: “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.
“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.
“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.”
Old Mutual International (which will be rebranded as Quilter International in 2020) reported net inflows of £200m for the nine-month period ending 30 September 2019, unchanged from a year ago.
Net outflows decreased to £1bn from £1.2bn in 2018, while gross sales decreased to £1.2bn in 2019 from £1.3bn.
AuM for the life insurer rose by 4% to £20.4bn at the end of Q3 2019, compared to £19.6bn as at 30 September 2018.