Shares in Quilter PLC (LSE:QLT) rose 4.3% to 188p on Wednesday morning after the wealth manager reported record first-quarter inflows, with strong demand for its platform offset by volatile markets.
The FTSE 250-listed group said core net inflows reached £3.1 billion in the three months to March, up 35% year-on-year and the first time quarterly inflows have exceeded £3 billion. Reported net inflows were £3 billion.
Assets under management and administration stood at £141.9 billion at the end of March, as strong inflows were largely offset by market movements linked to geopolitical events. The group said a recovery in markets since the quarter end has lifted asset levels.
Growth was driven by the platform business, where net inflows of £2.86 billion represented 11% of opening assets on an annualised basis. Inflows from financial advisers also rose strongly.
Chief executive Steven Levin said: "We delivered a record quarter for net inflows, surpassing the £3 billion core net inflow threshold for the first time."
The high net worth division reported net inflows of £214 million, up 80% year-on-year, supported by higher levels of new business.
Levin added that the group remained mindful of geopolitical uncertainty but said demand reflected “the strength of our distribution capabilities”.