Wealth manager Quilter has blamed market conditions for a fall in net client cash flow (NCCF) to £1.1bn in the third quarter.
Cash inflows (excluding Quilter Life Assurance) dipped from £1.9bn compared to the same quarter last year, a drop of 42 per cent.
Quilter chief executive Paul Feeney said: "Over the last quarter more volatile investment markets and geopolitical uncertainty have contributed to weaker investor sentiment resulting in a market-wide reduction in net retail flows.
“Year-to-date flows across the market are down 55 per cent on the comparable period according to the Investment Association. Against this backdrop, I am pleased to report continued solid performance in NCCF of £1.1bn (excluding Quilter Life Assurance) in the third quarter, marginally ahead of the second quarter.”
Quilter’s share price fell by 0.89 per cent in morning trading.
Quilter was spun out of insurance company Old Mutual earlier this year, listing as a standalone company in June.
Since listing on 25 June at 152p a share, its share price has fallen to 114p a share today.
Analysts at UBS said: “Overall we expect a muted reaction to this update given the recent share weakness, despite the unexpected slowdown in Quilter Cheviot flows.”
For the year-to-date NCCF stood at £2.7bn, compared to £4.5bn at the same stage in 2017.
Assets under management at 30 September was £118.1bn, up from £114.4bn on 31 December 2017.