By Ankita Bora
(Reuters) -Quilter posted record net inflows in the first half, beating market expectations, as the British wealth manager won more business amid growing demand for financial advice from wealthy clients.
Britain is looking to increase investments in the country and is planning regulatory changes regarding the support advisers can give customers with pensions and other investments, benefitting firms such as Quilter.
“There’s been all sorts of stuff from the government and from the Treasury to focus on getting an investing culture in the UK, similar to the U.S., for example. That’s what people need for their long-term futures,” CEO Steven Levin told Reuters.
Quilter reported net inflows of 4.5 billion pounds ($5.99 billion) for the six months ended June 30, up from around 1.7 billion pounds a year earlier and ahead of the 3.90 billion pounds expected by analysts in a company-compiled poll.
Adjusted pretax profit rose 3% to 100 million pounds for the first half of the year, ahead of market estimates, and it expects second half profits to be “broadly equivalent”.
“The beat on flows should be well received, although the guidance for FY25 might cap the positive share price reaction today,” JPMorgan analysts said in a note.
Shares were little changed on Wednesday.
($1 = 0.7514 pounds)
(Reporting by Ankita Bora and Pushkala Aripaka in Bengaluru; Editing by Nivedita Bhattacharjee)
