Quilter, which experienced £200m net client cash outflows in the first quarter of 2019, is expecting another withdrawal in the second
If investor sentiment does not change soon, the situation could look dire by the time the company reports its half-year resultsUncertainty in Britain continued to hit former Old Mutual UK subsidiary Quilter hard in the first quarter of 2019 as investors sit on their money pending clearer indications on what the final Brexit terms will be.
“[It] reflects the impact that the uncertainty of the UK political environment continues to have on discretionary investor sentiment,” the company said in a statement. However, when excluding money paid out in life claims from Quilter Life Assurance, Quilter’s net client inflows increased by £0.5bn. Excluding the impact of the life assurance business gives a fairer indication of the wealth and investment businesses’ performance as Quilter has deliberately been reducing its institutional book in the life business. Quilter Life Assurance recorded outflows of £900m of which a big part was due to this reduction.
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