Quilter (LON:QLT) reported record core net flows and higher first-half profit for 2026, supported by growth across its platform, solutions and high-net-worth businesses.
The wealth manager said core net flows rose more than 30% from the prior year to a record £6 billion, representing 9% of opening assets. Gross flows reached £11.9 billion, while assets on its platform rose to £118 billion from £69 billion in June 2023.
Platform and solutions flows drive growth
Quilter said its platform business continued to gain share in the advised market. Platform gross new business flows increased from £4 billion in 2023 to just under £10 billion in the first half, while its share of new business rose to 18% from 12% over the period.
The company said adviser productivity also improved. Annual productivity among advisers in its network increased to £3.9 million per adviser, from £2.7 million in prior years, while the number of advisers remained broadly stable. The amount of new business generated by Quilter advisers onto the platform rose by around 70% over the same period, according to the company.
Quilter also highlighted deeper relationships with independent financial adviser firms. It said the number of IFA firms producing more than £10 million in flows rose to 252 in 2025 from 100 in 2023, and that momentum had continued into 2026.
In its solutions business, the company said WealthSelect managed portfolio service assets had grown at a 37% compound rate since June 2023. Quilter said it held 13% of the managed portfolio service market and that approximately 56% of its MPS assets came through independent financial advisers.
Management said the effects of industry shifts from actively managed fund-of-funds products toward passive investments and MPS products had “largely worked itself through.” Going forward, the company expects solutions revenue growth to correlate more closely with asset growth.
Segment performance and investment spending
Chief Financial Officer Mark Satchel said net management fees rose 16%, including growth of 17% on administered assets and 21% on managed assets in the affluent segment. Affluent segment profit increased 9% to £86 million.
In the high-net-worth segment, which includes Quilter Cheviot, net management fees increased 12% to £111 million and advice fees rose 20% to £12 million. Segment profit increased 21% year over year to £29 million, while its operating margin improved by two percentage points.
Quilter Cheviot’s assets under management grew at an 11% compound rate over the past three years, while gross new business inflows increased at a 16% compound rate since 2023. The company said it was targeting at least a mid-single-digit net inflow rate and an operating margin in the mid-20s for the business over time.
Satchel said first-half cost growth reflected inflation and investments in data and technology capabilities, brand development, Quilter Invest and the Quilter Academy. The company completed its simplification program at the end of 2025, generating final cost reductions in the period.
- Full-year 2026 costs are expected to be between £530 million and £540 million, with the outcome likely toward the upper end of that range if market-sensitive revenue remains at current levels.
- Quilter said its longer-term cost outlook remains inflation plus a few percentage points annually, excluding acquisitions.
- The company reiterated its ambition to raise the operating margin to the mid-30s over time, without providing a timetable.
Capital returns and outlook
The board declared an interim dividend of £0.021 per share, up 5% from the 2025 interim dividend and equal to one-third of last year’s total cash dividend under the company’s revised distribution policy.
As of July 31, Quilter had completed more than £68 million of its £100 million share buyback program. It said the remaining repurchases would be completed before year-end. The company reported about £360 million of available cash before paying the interim dividend and completing the buyback.
Satchel said the company expects the operating environment to remain constructive in the second half, assuming steady markets. Quilter anticipates second-half adjusted profit will be around a mid-single-digit percentage higher than in the first half, supported by the contribution from first-half flows and positive markets.
Management said it sees additional growth opportunities from technology and artificial intelligence, including improving adviser productivity, reducing administrative work and lowering the marginal cost of servicing additional assets. Quilter has rolled out AI tools for advisers and plans to introduce a more comprehensive adviser technology ecosystem over the next 12 months.
During the question-and-answer session, the company said adviser departures had not changed materially, with annual churn historically around 10% due to retirements and moves within the market. It also said it had seen growth in both client case volumes and average case sizes, contrary to some peer commentary about smaller case sizes amid U.K. political and economic uncertainty.
Quilter said its recently launched Quilter Invest and Targeted Support activities remain at an early stage and are part of a longer-term strategy. The offering is designed in part to allow advisers to refer clients who may not yet require full face-to-face advice, while retaining an adviser relationship with those clients.
About Quilter (LON:QLT)
Quilter is a leading UK-focused full-service wealth manager, providing advice-led investment solutions and investment platform services to over 500,000 clients.
Its purpose is to create brighter financial futures for every generation.
Quilter strives to do this through supporting long-term advice-based relationships, delivering good investment management performance while maintaining consistently high-quality customer service.
It has leading positions in one of the world’s largest wealth markets, and its multi-channel distribution, award-winning platform and investment solutions are delivering attractive growth.
