Quilter’s assets under management and administration (AuMA) fell by more than £10bn in 2022 as the asset management industry continues to grapple with instability in the global economy.
In 2022 the wealth manager saw AuMA fall to £99.6bn from £111.8bn the year before. Average AuMA for the fourth quarter of 2022 was £98.8bn, below the first half average of £105.3 billion
Despite the fall in the last quarter, AuMA increased three per cent from 30 September, reflecting a “modest pick-up in equity markets and slightly lower bond yields”.
Net inflows in the quarter equalled £159m, down from £236m in the third quarter. Quilter said the fall reflected “usual seasonal flows”.
However, net flows were substantially down from £953m in the fourth quarter of 2021.
Asset managers have faced rising outflows all year as investors look to shield their cash from the wild swings that have rocked markets in the wake of war in Ukraine and soaring inflation.
Quilter is hoping the uptick in AuMA towards the end of last year reflects a sign of things to come in 2023.
CEO Steven Levin commented: “Although net flows for 2022 were below the level we want to achieve, we finished the year on a solid note despite the usual seasonal slowdown towards the end of the quarter.”
Levin was “particularly pleased” with the performance from the high net worth segment, which continued to deliver a “robust performance.”