Net inflows dropped by £800m during the quarter year on year.

The firm said net inflows fell substantially to £0.2 billion for Q3 (2021: £1bn) versus £0.3 billion in Q2 2022.

The company said cost of living pressures and market volatility had hit inflows but overall business remained “resilient.”

The firm reported a 2% drop in assets under management and administration (AuMA) in Q3 to £96.9 billion at the end of September, 2% less than June.

Average AuMA for the third quarter was £100.1 billion, 5% lower than first half 2022 average AuMA of £105.3 billion.

The company said the third quarter was typically a slow quarter but this had been “exacerbated” by increasing market volatility and cost-of-living pressures.

The company said it had seen solid performance from the Quilter channel with quarterly gross platform flows of £637 million (Q3 2021: £654 million). Adviser productivity was table at £2.2 million. 

The firm said it remained focused on attracting new IFA firms to its UK platform and was making good progress despite the current market challenges.

There was “resilient” performance from the High Net Worth segment despite lower gross flows and stable retention leading to net flows for the quarter of £222 million (Q3 2021: £329 million).

Quilter CEO Paul Feeney said: "While we are living through uncertain times, our business is well positioned to win in the UK wealth market. 

“I am pleased that we continue to deliver positive net flows even through the quietist quarter of this unprecedented year. The Quilter channel, in particular, has continued to deliver robust flows to our platform and the High Net Worth segment has continued to deliver a resilient performance.

"Over the last decade, my focus has been on building a modern integrated wealth manager that is strategically positioned in the largest, secular growth market in UK financial services. I am delighted to be handing on such a business to my successor, Steven, and I am confident in Quilter's potential and ability to drive growth and deliver efficiency. The strength of our advice-based model means we are well positioned to take advantage of the opportunities ahead, even in tough markets."

Quilter recent announced that Steven Levin would succeed Paul Feeney as CEO on 1 November.