Quilter PLC Q3 2025: net inflows jump 48% and AuMA hits £134.8 billion
Quilter has posted another strong quarter of client money coming in. Core net inflows were £2.2 billion in Q3 2025, up 48% year-on-year, marking a third straight quarter above £2 billion. Group Assets under Management and Administration (AuMA) rose 7% in the quarter to £134.8 billion, helped by £2.1 billion of reported net inflows and £6.4 billion of positive market movements.
Year to date, core net inflows are £6.7 billion, already ahead of the full year 2024 total of £5.2 billion. Momentum is clearly building across both distribution channels.
Key numbers investors should note
| Metric | Q3 2025 | Q3 2024 |
|---|---|---|
| Group AuMA | £134.8 billion | £116.2 billion |
| Gross flows (quarter) | £4,944 million | £4,003 million |
| Core net inflows (quarter) | £2,227 million | £1,507 million |
| Reported net inflows (quarter) | £2,118 million | £1,383 million |
| Quilter Platform AuA | £99.0 billion | £82.6 billion |
| High Net Worth AuMA | £31.6 billion | £28.8 billion |
| Productivity per Quilter Adviser (annualised) | £3.4 million | £3.1 million |
Jargon watch: AuMA is the total assets Quilter manages or administers. Net inflows are client money in minus money out. Persistency is the proportion of assets that stick around, a proxy for client retention.
Affluent segment and Platform: IFA engine firing
The Affluent segment, anchored by Quilter’s Platform, is doing the heavy lifting. Net inflows of £2,055 million represented 9% of opening AuMA on an annualised basis, up from £1,455 million and 7% a year ago. The IFA channel was the standout: gross inflows rose 35% year-on-year and net inflows climbed to £1,321 million, 61% higher than Q3 2024.
Within the Quilter channel itself, gross and net Platform inflows increased 19% and 15% respectively year-on-year. Platform AuA closed the quarter at £99.0 billion, and management notes the total surpassed £100 billion early in Q4, making Quilter the first discrete UK advised platform to reach that milestone.
One blemish: external platforms within Affluent saw net outflows of £164 million in the quarter. It is not unusual for older or third-party administered books to run off, but it is worth tracking.
High Net Worth: steady inflows against a tougher backdrop
Quilter Cheviot and associated advice delivered solid if quieter growth. Gross inflows were £758 million and net inflows £239 million, equivalent to 3% of opening AuMA on an annualised basis. AuMA in High Net Worth ended at £31.6 billion. Management flags that peers remain in outflow, so continued positive flows here are noteworthy.
Client stickiness and adviser productivity both improved
Persistency held at high levels: 91% for Affluent core and 93% for High Net Worth, unchanged year-on-year. That means most clients are staying the course, which underpins recurring revenue.
Productivity per adviser in the Quilter channel stepped up to £3.4 million (annualised) in the quarter, roughly 10% higher than last year. Better adviser productivity usually supports operating leverage as platforms scale.
What drove the AuMA rise in Q3: flows vs markets
AuMA increased by £8.5 billion from 30 June to 30 September 2025. Of that, £2.1 billion came from reported net inflows and £6.4 billion from market movements. The positive market tailwind did more of the lifting than flows this quarter, which is great while it lasts but reminds us that near term asset levels remain sensitive to markets.
Non-core books continued to shrink, with £109 million of net outflows in Q3 and closing AuMA of £3.0 billion. This is consistent with a managed run-off profile.
Year-to-date scorecard looks markedly stronger than 2024
For the nine months to 30 September 2025, gross flows were £14,427 million and reported net inflows £6,441 million. Core net inflows were £6,733 million, up from £3,240 million in the comparable 2024 period and already above the £5.2 billion achieved in the whole of 2024.
On the Platform specifically, year-to-date net inflows were £6,296 million, helping lift Platform AuA to £99.0 billion by quarter end. External platforms within Affluent recorded £465 million of outflows year to date.
Why this update matters for shareholders
- Flow momentum is accelerating. A 48% jump in quarterly core net inflows and a 9% annualised flow rate in Affluent indicate share gains, particularly in the IFA channel.
- Scale advantages are building. Crossing the £100 billion platform threshold in early Q4 signals growing clout with advisers and potentially better unit economics.
- Resilience in High Net Worth. Positive net inflows of £239 million in a segment where peers are in outflow suggests competitive strength.
- Market dependency is a watch-out. The £6.4 billion market uplift was the larger contributor to AuMA growth in Q3, so a weaker market could reverse some of that.
- Legacy drag persists. External platform and non-core outflows continue, though they are overshadowed by strong core inflows.
Risks and the policy backdrop
Management highlights heightened speculation ahead of the UK Budget around personal tax changes that could affect retirement planning. There are no specifics in this statement and nothing is decided, but any abrupt policy shifts could influence client behaviour and flows. Quilter calls for consultation and transitional arrangements, which would help maintain consumer confidence.
What to watch into Q4 and 2026
- Quarterly net inflows staying above £2 billion and the annualised flow rate within Affluent holding near 9%.
- IFA channel momentum, given Q3 net inflows of £1,321 million were 61% higher year-on-year.
- Persistency at or above 91-93%, supporting recurring revenues.
- Adviser productivity trends, currently £3.4 million per adviser annualised.
- Mix shift between core Platform inflows and external platform or non-core outflows.
- Market movements versus flows as drivers of AuMA, especially if volatility picks up.
My take: positive print with a clean delivery
This is a strong trading update. Flows are robust, adviser productivity is improving, and the Platform’s scale is becoming a differentiator. The only soft spots are the ongoing outflows from external and non-core books and the fact that markets did much of the heavy lifting for AuMA this quarter.
Overall, the direction of travel is favourable. If Quilter sustains this flow momentum while keeping persistency high, the compounding effect on assets and revenues should continue to build.
