Quilter shares soar as high-net-worth traders swell belongings to £116bn

Quilter boss Steven Levin said Chancellor Rachel Reeves must consult with the industry before making ‘meaningful changes’ to the structure of UK pensions and savings

Quilter shares soared on Wednesday after the wealth manager revealed a jump in third quarter inflows, helped by continued gains from high-net-worth clients.

The FTSE 250 group saw clients invest a net £1.4billion during the period, up significantly from £810million and £923million in the first and second quarters of 2024, respectively.

Total assets under management and administration rose 2 per cent to £116.2billion.

Boss Steven Levin described the result as ‘an excellent performance’ during ‘what is traditionally the slower summer quarter’.

The most recently available data from the Investment Association shows UK investors put more cash into investment funds than they took out for the third consecutive month in August, with net inflows coming it at £804million for the month.

Quilter, which also saw assets boosted by stronger market performance, said it had seen ‘sustained’ new business momentum within its high-net-worth unit, with net inflows of £284million over the quarter.

‘Affluent’ clients, meanwhile, poured combined net inflows of £1.3billion into Quilter, helping to drive record quarterly net investment of almost £1.5billion to its platform business.

FTSE 250-listed Quilter shares rose more than 7 per cent in early trading before paring back gains to to 5.4 per cent to 149.2p by late morning. 

The shares have added almost 50 per cent since the start of the year. 

Levin echoed comments made by Liontrust boss John Ions earlier this week, noting an ‘unwelcome degree of uncertainty’ in the market ahead of the looming 30 October budget.

He said: ‘Given the importance of a stable tax and regulatory framework for individuals to plan their financial future with confidence, we believe that any meaningful changes proposed to the structure of UK pensions and savings should only be implemented after an appropriate period of industry-wide consultation.

‘Additionally, any changes should incorporate transitional arrangements, as has been the general practice to date. We look forward to continued engagement with the UK Government in this regard.’