Quilter Plc · LSE:QLT
Quilter — Investor Presentation (2025)
37 slides from Quilter's investor presentation, 2025
Slide 1: Investor introduction Spring 2025
Investor introduction Spring 2025 2025
Slide 2: Business overview
Business overview Quilter
Slide 3: Quilter: A c.£2.0bn market capitalisation UK Wealth manager
Quilter: A c.£2.0bn market capitalisation UK Wealth manager What differentiates Quilter? High Net Worth Affluent Balanced business mix covering the entire UK Key competitors wealth spectrum • Brooks Macdonald • Rathbones High Net Worth Integrated Advice Key competitors Discretionary investment Advic
Slide 4: Quilter: The UK's fastest growing scaled asset gatherer
Quilter: The UK’s fastest growing scaled asset gatherer Q1 2025 Quilter net flows vs peers by channel Annualised Net Flows +8.2% as a % of opening Assets 2,400 2,200 +7.6% 2,000 +3.6% 1,800 +2.6% 1,600 1,400 +7.3% 1,200 1,000 800 600 400 200 0 -200 -3.0% -400 -600 Peer 1 Peer 2 Peer 3 Peer 4 Peer 5
Slide 5: Quilter: The UK's largest adviser Platform
Quilter: The UK’s largest adviser Platform FY 2024: Gross inflow (£bn) 14 - Quilter 12 - 10 - Aviva Platform Transact 8- AJB Fidelity Adviser Solutions 6- Aberdeen Nucleus True Potential 4- 7IM Aegon Scottish Widows Platform SS&C Hubwise Morningstar Wealth Platform Raymond James 2- Parmenion M&G Wea
Slide 6: Flow trends
Flow trends Quilter
Slide 7: Gross flows in FY 2024
Gross flows in FY 2024 IFA channel Quilter channel +168% y-o-y +114% y-o-y £8.8bn £4.1bn +141% y-o-y +145% y-o-y £2.4bn £0.7bn HNW Affluent HNW Affluent 7
Slide 8: Quarterly core flows: step change in 2024 vs 2023
Quarterly core flows: step change in 2024 vs 2023 Core gross inflows1 Core gross outflows1 Core net inflows1 £bn £bn £bn +26% Net inflows/ 5.0 5.0 5.0 3% 3% 5% 7% opening 4.6 AuMA2 4.5 4.5 4.5 4.0 4.0 3.8 4.0 4.0 3.6 3.5 3.5 -7% 3.5 3.0 2.9 3.0 2.8 2.7 3.0 2.8 2.8 3.0 2.6 2.6 2.6 +142% 2.4 2.5 2.5 2
Slide 9: Continued improvement in Platform market share
Continued improvement in Platform market share Platform net flow transfers between Quilter and peers Quilter Platform market share2: gross inflows and assets (each bar represents a different platform competitor) 18% 16% 14% 12% 2023 2024 10% 8% Total share of gross flows Total share of stock Consoli
Slide 10: Material increase in IFA Platform net inflows in 2024
Material increase in IFA Platform net inflows in 2024 Initiatives driving year-on-year improvement: • Deepening relationships with existing advisers on Platform. • Taking increased IFA new business market share in a larger market. • Reduced outflow pressure from consolidators. Cumulative monthly Pla
Slide 11: The importance of Platform flows
The importance of Platform flows Gross flows onto Platform and into Quilter managed solutions £bn £12.4bn +52% y-o-y £4.5bn +32% y-o-y Quilter £3.6bn £2.9bn c.80% solutions channel +23% integration IFA £8.8bn channel +66% c.20% solutions £1.6bn integration Platform Solutions 11 Note: Year-on-year gr
Slide 12: Principal Platform solutions: now rebased towards MPS and Blend/Passive
Principal Platform solutions: now rebased towards MPS and Blend/Passive Fund of funds solutions Managed portfolio solutions AuMA £m AuMA £m 20,000 20,000 CAGR 15,000 -4% CAGR 15,000 +24% CAGR CAGR +44% 10,000 10,000 -20% 5,000 5,000 +10% +17% 0 0 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2020 FY 20
Slide 13: Strategic priorities
Strategic priorities Quilter
Slide 14: Areas of strategic focus
Areas of strategic focus Flows Efficiency Grow Enhancing Be future Distribution Propositions fit Increase market share and improve Invest to anticipate future customer needs, Continue to simplify and modernise our productivity. including NuWealth and Platform. business. Serve a broader range
Slide 15: Transformation: building a scalable and efficient operating model
Transformation: building a scalable and efficient operating model Advice Transformation Programme High Net Worth evolution Organisational simplification Transforming our advice technology to improve client Moving to a single UK regulated entity. Introduce clearer Continue to improve operating margin
Slide 16: External recognition
External recognition Multiple awards for best Platform Strong Trustpilot rating x Awards in other propositions High Net Worth awards 16
Slide 17: How we make money
How we make money Quilter
Slide 18: How we make money: across the UK Wealth value chain
How we make money: across the UK Wealth value chain Advice/Distribution Platform/Administration Investment Solutions Quilter solutions: £108m Quilter Restricted Quilter retains c.25 bps margin retain by Quilter Fund of Fund (Cirilium) and MPS (Wealth Select): Financial Planner 15-20% revenue (Low si
Slide 19: How we make money: segments
How we make money: segments High Net Worth Affluent FY 2024 FY 2024 revenues1 revenues2 £226m +7% £424m +8% Y-o-Y Y-o-Y 70bps DFM fee 25bps Platform fee £196m £198m £28bn £80bn 36bps management fee £108m Share of fees3,4 c.65bps advice fee £30bn £30bn £74m £3bn £19m Investment £36m Investment revenu
Slide 20: Financials: FY24 - strong year-on-year growth
Financials: FY24 - strong year-on-year growth High Net Worth Affluent Group Adjusted profit Total net revenues before tax¹ Total net revenues £226m £424m +17% £48m Y-o-Y Operating expenses Operating expenses £196m £178m £276m +19% Y-o-Y £148m Adjusted profit before tax Adjusted profit before tax Ope
Slide 21: Quilter guidance and financial model
Quilter guidance and financial model 2025 guidance 21
Slide 22: Capital priorities
Capital priorities Quilter
Slide 23: Efficient capital and balance sheet management
Efficient capital and balance sheet management Undertaken to review capital position and policies in late 2025 1 Group capital requirements (regulatory capital and stress buffers) On-going Current year dividend cash needs Working capital and interest Solvency II Ratio 2 219% Investing Growth
Slide 24: Investment conclusion
Investment conclusion Quilter
Slide 25: Summary: Quilter is a high quality, scaled and diversified business
Summary: Quilter is a high quality, scaled and diversified business Structural growth in a large fragmented UK wealth management market Scaled and integrated dual distribution, full-service model Clear success from strategic transformation driving total shareholder returns 25
Slide 26: Appendix
Appendix Quilter
Slide 27: A transformed investment case: Quilter now vs at Listing
A transformed investment case: Quilter now vs at Listing June 2018 Spring 2025 Sold in Quilter International 2021 for c.£1.3bn¹ returned to shareholders £481m Sold in Quilter Life Assurance Market cap £2.7bn 2020 for £425m Sold in Single Strategy business 2018 for £583m Core business Core business M
Slide 28: Where do flows come from?
Where do flows come from? Two strong distribution channels: IFAs and Quilter RFPs – delivering a strong flow funnel Independent Financial Advisers (IFAs) Quilter Restricted Financial Planners (RFPs) Strategy: Grow, broaden, deepen Strategy: Grow number & improve productivity 2,000 important relation
Slide 29: Client pricing: open, unbundled, with choice at the heart
Client pricing: open, unbundled, with choice at the heart Average fees example, reflecting current predominant choice by clients & their advisers % of investment Total Upfront Ongoing p.a. Equivalent p.a. Total Financial p.a/ Wrapper / Investment Total Advice Total Advice A+B Advice 10 Years Admin M
Slide 30: Q1 2025 results - strong first quarter core net inflows
Q1 2025 results - strong first quarter core net inflows Q1 2025 highlight • Reported AuMA of £119.6bn broadly unchanged from the year-end level Q1 2025 core net inflows of £2,276m, 8% (annualised) of opening AuMA. • High Net Worth segment, solid new business momentum: • Gross inflows of £765m, broad
Slide 31: FY 2024 flows: High Net Worth – consistent strong new business momentum
FY 2024 flows: High Net Worth – consistent strong new business momentum High Net Worth High Net Worth flows by channel £bn £bn Gross flows Net flows 2.0 YoY growth: +42% >100% 1.5 Net/opening¹: 2% 1.0 0.5 0.8 0.8 0.8 0.8 0.0 -0.5 0.6 0.6 0.6 0.6 0.3 -1.0 0.2 0.1 0.0 0.1 0.1 0.1 0.2 0.1 0.1 -1.5 0.2
Slide 32: FY 2024 flows: Affluent – strong momentum through the year
FY 2024 flows: Affluent – strong momentum through the year Affluent: Quilter Platform Affluent: including funds on third-party platforms £bn £bn Gross flows Net flows Gross flows Net flows YoY Growth: +28% >100% +62% >100% Net/opening¹: Net/opening¹: 6% 8% 3.7 3.1 2.9 2.7 1.9 2.7 2.2 1.5 1.8 2.0 3.9
Slide 33: Affluent: Faster growth in higher margin, longer duration assets
Affluent: Faster growth in higher margin, longer duration assets Quilter Platform net flows by relationship Quilter Platform net flows by product £bn £bn Pension Investment bond ISA Unwrapped Cash hub Y-o-Y £4.2bn growth % opening % opening £5.6bn AuMA/AuA >100% £1.8bn AuMA/AuA +3% +8% +>100% 3.3 £1
Slide 34: Delivering best in class flows: High Net Worth (FY 2024)
Delivering best in class flows: High Net Worth (FY 2024) Gross inflows/opening AuM1 Net flows/opening AuM1 % % 14 14 12 12 10 10 8 8 6 6 4 4 2 2 0 0 Quilter Cheviot Peer 1 Peer 2 Peer 3 -2 -4 -6 Quilter Cheviot Peer 1 Peer 2 Peer 3 1. Peers included where data is available. Peers include Evelyn Part
Slide 35: Delivering best in class flows – Platform (FY 2024)
Delivering best in class flows – Platform (FY 2024) The UK’s largest and fastest growing advised retail platform 1 1 Gross inflows/opening AuMA (%) % Net flows/opening AuMA (%) % 24 24 22 22 20 20 Peer 1 Quilter Platform 18 18 16 16 Peer 2 14 14 Peer 3 Faster growth (% opening AuMA) 12 12 10 10 Peer
Slide 36: Industry insight: advised Platform sales trends
Industry insight: advised Platform sales trends Source: The Lang Cat 36
Slide 37: Disclaimer
Disclaimer This presentation may contain forward-looking statements with respect to certain Quilter plc’s plans and its current goals and expectations relating to its future financial condition, performance and results. By their nature, all forward-looking statements involve risk and uncertainty bec