Quilter PLC (LSE:QLT) said inflows of new money from its high-net-worth clients in its latest quarter were the best for three years, even though traditionally it is one of its quietest periods.
Core net inflows totalled £1.5 billion said the wealth manager, driven by HNW clients (with assets over £1 million) and its Affluent arm’s new platform.
Assets under administration overall at end September were up 2% to £116.2 billion.
Steven Levin, chief executive, said: "In what is traditionally the slower summer quarter, we have delivered an excellent performance.
“Both of our segments contributed to a significantly improved outcome from an already strong first-half base.
"Our High Net Worth segment has continued to drive new business momentum which, when coupled with an easing in client withdrawals, led to significantly improved quarterly net inflows of £284 million, the highest level since the third quarter of 2021.
"The Affluent segment also delivered an excellent result. After a very strong first-half performance from our Platform, we delivered an acceleration in momentum in the third quarter.”
Levin though was cautious about the possibility of tax changes in the Budget.
"The upcoming UK Budget has introduced an unwelcome degree of uncertainty to the market.
“Given the importance of a stable tax and regulatory framework for individuals to plan their financial future with confidence, we believe that any meaningful changes proposed to the structure of UK pensions and savings should only be implemented after an appropriate period of industry-wide consultation. “
Shares jumped 10% to 155.3p.