Quilter reports strong 2023 profit despite falling net inflows

Wealth management firm Quilter (LSE: QLT) has closed out 2023 with a strong financial performance, despite net inflows falling year-on-year.

The company saw pretax profit jump 35% to £88 million, while total income swung to a positive £4.63 billion from a loss of £4.04 billion in 2022.

Assets under management also grew to £106.7 billion by year-end, aided by “supportive” markets and a “modest contribution” from net flows.

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However, net inflows themselves fell to £500 million in 2023, down from £1.8 billion in the previous year.

Quilter remains optimistic about 2024, expecting flows to improve as market sentiment normalises. The company also declared a final dividend increase of 12%, bringing the total dividend payout for the year to 5.2 pence per share, up 16% from the previous year.

Quilter shares were up 3% at the market open on Wednesday.