- The wealth manager reported core net inflows totalled £5.2bn in 2024
Quilter achieved record net inflows in its core segment last year, with the wealth manager seeing particularly strong demand among high-net-worth clients.
The group said core net inflows totalled £5.2billion in 2024, more than six times the £832million of the prior year.
Soaring inflows in the company’s third-party financial advice channel and lower net outflows in its financial planning businesses arm, Affluent, led to a robust fourth quarter for the firm.
Quilter’s high-net-worth division also shrugged off elevated outflows ahead of the late October Budget to more than double net inflows year-on-year to £208million in the final three months of 2024.
The group noted some ‘asset repositioning’ as clients sped up some asset sales in expectation of changes to capital gains tax rates and made larger generational wealth transfers as part of inheritance tax planning.
Chancellor Rachel Reeves announced in October that the lower rate of CGT would go up from 10 per cent to 18 per cent, while the top rate would be raised by four percentage points to 24 per cent.
Strong result: Wealth manager Quilter reported core net inflows totalled £5.2billion in 2024
‘Our business generated very strong inflows in 2024, as the strategic initiatives we have put in place over the last few years have delivered results,’ said Steven Levin, chief executive of Quilter.
He added: ‘Our scale and distribution reach makes us uniquely positioned both to serve our customers well and to benefit from the secular growth opportunity that the UK Wealth market offers.’
Levin has joined the bosses of three other trading platforms – AJ Bell, Hargreaves Lansdown and Interactive Investor – in urging Rachel Reeves to rethink her proposal to impose inheritance tax on unused pension savings.
In a letter to the Chancellor, the four men said such a policy would lead to ‘substantial delays’ in beneficiaries receiving their money and cause ‘distress’ for bereaved families.
They also warned that some heirs of those who die aged over 75 could face a ‘draconian’ double taxation penalty, with millions of people potentially paying a 64 per cent tax rate on inherited pensions.
Dan Olley, CEO of Hargreaves Lansdown, remarked: ‘We understand the need for government to balance the books, but changing rules in this way adds complexity at an already stressful time.
‘People need stability in the tax system to invest for the long term. When looking to change these rules, the system shouldn’t make the experience of bereaved families worse.’
The letter suggested the government could instead remove the arbitrary cut-off age of 75 or use the income tax system to tax beneficiaries on death.
Quilter shares were 2.1 per cent up at 162p on late Wednesday afternoon, taking their gains over the past year to approximately 64 per cent.
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