Quilter PLC (LON:QLT) reported a 5.1% increase in assets under management for the first quarter despite the impact of Brexit uncertainty on investor sentiment.
The wealth manager said assets under management rose to £114.9bn at the end of March from £109.3bn at the end of December last year.
However, the group had net outflows of £200mln in the quarter, compared to £1.6bn in inflows a year ago.
READ: Quilter proposes inaugural final dividend after 2018 profit and revenue rises despite tough markets
Excluding the life assurance business, net inflows fell to £500mln from £2bn last year.
Chief executive, Paul Feeney, said: “As indicated in our full-year results, net client cash flows have continued to be affected by the challenging markets.
“However, we continue to be encouraged by the resilience of integrated flows which have remained robust during this period, and the high level of customer asset retention across our business which was broadly stable on 2018 at 89%.
“While near-term headwinds remain, this demonstrates that our clients and their advisers value Quilter’s integrated advice-led model, and continues to be supportive of our operating margin and revenue outlook.”
Earlier this month, the group announced it was to buy national advice business and network Lighthouse for £46mln.
Quilter said it continues to expect completion of the acquisition towards the end of the second quarter, subject to approval by shareholders and the Financial Conduct Authority.