Breaking Down Quilter plc Financial Health: Key Insights for Investors

From its origins in the 2007 demerger as Old Mutual Wealth Management to the 2018 rebrand as Quilter plc and a listing in the FTSE 250, Quilter has grown into a major UK wealth manager overseeing £134.8 billion of assets under management and administration as of 30 September 2025 (up 7% quarter-on-quarter), having reported £119.4 billion AuMA in 2024 and platform AUA of £92.0 billion in H1 2025; the group's dual-distribution model spans Affluent and High Net Worth arms (with ~1,454 Restricted Financial Planners and 180 Investment Managers), employs around 4,343 people, and generated revenues of £337 million with an adjusted profit before tax of £100 million in H1 2025-backed by rising inflows (Affluent gross inflows +19% YoY in Q3 2025), WealthSelect at £21.0 billion (up 14% since Dec 2024), and £43 million in Simplification savings en route to a £50 million target-while governance under Chair Ruth Markland and CEO Steven Levin, a Johannesburg secondary listing, and executive incentives such as Sarah Houlston's 17,523 share options underscore the company's structure, strategy and growth dynamics.

Quilter plc (QLT.L): Intro

• 2007: Formed as Old Mutual Wealth Management Limited following Old Mutual demerger.
• 2018: Rebranded to Quilter plc and listed independently on the LSE.
• Post-2018: Consolidated position in UK wealth management and advisory markets, joining FTSE 250.

• Growing assets under management and administration (AuMA) through net inflows and market performance.
• Enhancing adviser propositions and technology platforms to retain and attract clients.
• Maintaining a capital-efficient model and delivering sustainable adjusted profits.

• Adviser services and financial planning - regulated advice channels delivering upfront and recurring fees.
• Platform services - custody, administration and technology for advisers and clients, producing platform fees based on assets under administration.
• Investment management/discretionary - managed solutions and discretionary mandates generating management and performance fees.
• Corporate solutions and protection - ancillary revenues from product wrappers, pensions, and protection products.

• Platform fees: ongoing fees charged as a percentage of assets on the platform (scales with AuMA and market movements).
• Management fees: charged on investment mandates and funds, typically a basis point fee on assets under management.
• Adviser fees and commissions: initial advice fees, regular adviser charging and commission equivalents for certain products.
• Performance fees and transaction fees: earned on outperformance in discretionary mandates and on occasional trading or product transactions.
• Ancillary income: custody fees, administration charges, and minor income from protection/product sales.

• AuMA growth - organic net inflows plus market appreciation; demonstrated by growth from £119.4bn (2024) to £134.8bn (Sep 2025).
• Retention and adviser distribution - adviser engagement drives recurring revenue.
• Cost efficiency and technology - scaling platform tech reduces marginal cost per client.
• Capital management - managing regulatory capital and return of excess capital supports shareholder returns.

Quilter plc (QLT.L): History

• Primary listing: London Stock Exchange (Ticker: QLT)
• Secondary listing: Johannesburg Stock Exchange
• Index membership: FTSE 250
• Employee base (2025): ~4,343 people

• Quilter is a public limited company with ordinary shares traded on LSE (primary) and JSE (secondary).
• Ownership is dispersed among institutional asset managers, pension funds and retail shareholders; the company discloses major institutional holdings in regulatory filings.
• Governance comprises a Board of Directors (led by Chair Ruth Markland) and an Executive Leadership Team (led by CEO Steven Levin), with executive remuneration and share plans (e.g., the 2025 Sharesave Plan) used to align management and shareholder interests.

• Wealth management fees - ongoing advisory, platform and fund management fees charged as a percentage of assets under management or administration.
• Platform revenue - subscription/administration fees and transaction-related charges from adviser and retail clients who use Quilter's platform services.
• Distribution and advice income - fees for financial advice, initial advice charges, and adviser-led product sales.
• Investment management - management charges from Quilter's in-house and partner investment funds.

Quilter plc (QLT.L): Ownership Structure

• Mission and values emphasize client outcomes, long-term wealth creation, and responsible stewardship of client assets.
• Dual-distribution model: adviser-led advice plus a technology-enabled platform for direct and advised clients.
• Commitment to regulatory compliance, industry standards and responsible investing principles.

• Client investments overseen across advice, discretionary fund management and platform custody - aiming to grow and protect client capital.
• Balance of adviser relationships (high-touch) and platform scale (low-cost, scalable administration) to serve mass-affluent and mass-retail segments.
• Outcomes measured in funds under administration, client numbers and adviser engagement metrics.

• Platform fees: percentage-based charges on assets under administration and platform administration fees.
• Advice fees: adviser-charged advice and ongoing service fees tied to client portfolios.
• Investment management: fund management and discretionary management fees (often % of AUM).
• Transaction and other service fees: custody, dealing, third-party services and occasional one-off charges.

• Publicly listed on the London Stock Exchange (Ticker: QLT).
• Shareholder base: mix of institutional investors (pension funds, asset managers), retail investors and employee share plans.
• Insider holdings: board and senior management hold shares and participate in incentive plans to align interests with shareholders and clients.

• Emphasis on outcomes for clients, employees and shareholders through sustainable growth of fee-bearing assets.
• Regulatory alignment: operates under FCA rules and industry best practice for advice and custody services.
• ESG and stewardship: integrates responsible investment considerations across managed solutions and corporate governance activities.

Quilter plc (QLT.L): Mission and Values

• Dual-segment operating model: Affluent and High Net Worth, each with dedicated propositions and distribution routes.
• Dual-distribution model: combines personalised adviser-client relationships (supported by Quilter Restricted Financial Planners and Investment Managers) with a scalable digital platform that aggregates administration, custody and investment solutions.
• Platform-led economics: charges for custody, platform administration and fund access alongside adviser and discretionary management fees.

• Affluent segment - client-facing and platform businesses:
  • Quilter Financial Planning (advice delivery via Quilter Restricted Financial Planners)
  • Quilter Investment Platform (platform administration, custody and digital access)
  • Quilter Invest (multi-asset and model portfolio solutions)
  • Quilter Investors (advice and execution for retail customers)
• High Net Worth segment - Quilter Cheviot:
  • Discretionary fund management for wealthy clients
  • Bespoke financial planning and investment oversight

• Platform fees - ongoing percentage fees based on assets under administration (AUA) and assets under management (AUM).
• Adviser fees and initial advice charges - paid by clients for financial planning and advice implementation.
• Discretionary management fees - Quilter Cheviot charging for bespoke mandates and managed portfolios.
• Fund management and model portfolio charges - revenue from Quilter Invest/model portfolios.
• Execution, administration and transactional fees - custody, dealing, transfer and ancillary services.

• Highly recurring revenue profile: platform and management fees scale with AUA/AUM and provide stable recurring cashflows.
• Client-advice linkage: advice penetration (proportion of clients paying ongoing advice fees) influences lifetime value and retention.
• Cost-to-serve differential: personalised high-net-worth services carry higher margins per client but scale primarily via discretionary mandates, while platform services scale with AUA.

• Listed entity: Quilter plc trades on the London Stock Exchange under ticker QLT.L.
• Institutional and retail shareholders: ownership comprises a mix of UK and international institutional investors alongside retail holdings typical for an LSE-listed financial services company.

• Scale in platform AUA provides fee revenue leverage as assets grow (noted 8% AUA growth to £92.0bn in H1 2025).
• Integrated adviser network (c.1,454 RFPs) supports client acquisition and retention, cross-selling platform and discretionary services.
• Quilter Cheviot's discretionary capability adds higher-margin flows from HNW mandates delivered by ~180 investment managers.

Quilter plc (QLT.L): How It Works

• Founded from the demerger of Old Mutual's UK wealth businesses; listed on the London Stock Exchange as QLT.L.
• Publicly traded with a diversified shareholder base including institutional investors and retail holders.
• Over the last several years Quilter has pursued simplification, cost reduction and platform expansion to align with shifting client preferences toward digital wealth solutions.

• Platform business: custody, administration and platform technology that hosts third-party and in-house funds and wrappers.
• Advice and intermediary channels: salaried and networked financial advisers providing regulated financial advice and execution.
• Investment management: discretionary portfolios (e.g., WealthSelect) and model-driven managed portfolio services.
• Retirement and savings solutions: ISAs, SIPPs, investment accounts and other tax-efficient wrappers.

• Management fees: recurring fees on assets under administration (AuA) and assets under management (AUM), the primary revenue driver.
• Investment income: interest, dividends and returns from Quilter's own balance sheet and managed funds.
• Financial advice and execution fees: charges for regulated advice, platform transaction fees and initial/fixed adviser fees.
• Operational efficiencies and one-off benefits: savings from transformation programmes that improve margins and lower costs.

• Higher AuA expands recurring management fee base; an 8% increase in platform AuA to £92.0bn materially supports fee income growth.
• WealthSelect growth (to £21.0bn, +14%) boosts discretionary management fees and contributes to scale economies in portfolio management.
• Operational savings (£43m achieved) from the Simplification programme improve adjusted profit margins and free cash flow.
• Modest revenue growth (+2% to £337m) alongside profit growth (+3% to £100m) indicates improving operational leverage as cost initiatives take effect.

Quilter plc (QLT.L): How It Makes Money

• Ownership: listed on the London Stock Exchange (ticker QLT.L); free float majority with institutional investors and retail shareholders.
• Strategy pillars: adviser-led advice, direct-to-consumer platform services, and discretionary/high-net-worth (HNW) wealth management.

• Key market position facts:
  • Assets under management & administration (AUMA): £134.8 billion as of 30 September 2025, +7% year-on-year.
  • Affluent segment: gross inflows up 19% year-on-year in Q3 2025.
  • High Net Worth segment: maintained solid momentum, contributing to growth.
  • Simplification programme delivered £43m in annualised savings against a £50m end-2025 target.

• Platform and administration fees - recurring fees based on AUMA (percentage-based charging and tiered pricing across retail and advised clients).
• Adviser fees and ongoing advice charges - recurring revenue from adviser networks and third-party advisers using Quilter's proposition.
• Discretionary and managed solutions - investment management fees for wealth and HNW clients.
• Intermediary and product margins - commissions and product spreads from wrapped solutions, pensions and investment ISAs.
• One-off and transactional income - transfer fees, advice setup fees, and transactional charges during market activity.

• Demographics and intergenerational wealth transfer - rising demand for advice and wealth transition planning supports AUMA growth.
• Regulatory change - evolving advice/regulation can drive demand for regulated adviser services and platform consolidation.
• Operational efficiency - the simplification programme (currently £43m saved) improves margins and funds investment in digital/adviser propositions.
• Distribution expansion - focus on affluent and HNW segments where gross inflows and client engagement are strongest.