Quilter PLC (LSE:QLT) reported net inflows of £0.2bn in the last quarter of 2022 remained flat compared to the third quarter but decreased year-on-year.
Total inflows for the year more than halved to £1.8bn from £4.0bn in the prior year.
Chief executive Steven Levin said: "Although net flows for 2022 were below the level we want to achieve, we finished the year on a solid note despite the usual seasonal slowdown towards the end of the quarter."
The high net worth segment delivered slightly lower gross flows and stable retention, leading to net flows for the quarter of £158mln compared to £282mln a year ago.
Shares in Quilter rose 0.2% on the morning of the update to 96.40p, down more than 40% over the past 12 months.
Broker Liberum maintained its 'buy' recommendation and 130p target price, noting that the shares trade at an "unjustified" discount to peers at 15.1 times forecast earnings versus the sector on 19.6x.
"Quilter is now a much simpler business, has a new, full-capability platform and is making progress on some of the key metrics outlined at the November CMD."