Quilter, a British wealth management company, has published robust interim results with net client cashflow doubling compared to the same period in 2020.
Net Client Cash Flow saw a year on year increase of 127 per cent in the first half of 2021 reaching £2.5bn while adjusted profit before tax increased by 20 per cent to £85 million.
The news comes after Quilter agreed to sell the international branch of its business to the life assurance company Utmost in April, with a view to focussing its efforts on the UK market.
Quilter, which was formerly known as Old Mutual International, has also finalised the migration of its brand and advisors to its new platform.
Paul Feeney, Chief Executive Officer, said: “I am pleased with our Interim results which demonstrate strong growth in flows across our business, with a material improvement from our new platform following our final migration of clients and advisers in February.
“With the sale of Quilter International, our results demonstrate good early progress on our more focused, UK-based strategic path and gives a taste of what we know our business can deliver in the future.”
Feeney has set ambitious targets for the next four years and says the company is on track to meet operating margin targets of 25% in 2023 and 30% by 2025.
Quilter stocks are trading down -2.99 per cent in the past 24 hour period.