The slump in new client flows, from £1.3bn in Q3 2017 to £500m for the same period this year, was down to “weaker investor sentiment,” the firm said.

In the year to date, the firm generated net inflows of £2.7bn, also down from the £4.5bn at the same point in 2017.

But the firm’s chief executive said he was “pleased” with the results against the uncertain backdrop.

The company did also highlight a “steady growth in assets to £118.1bn,” a 3% rise in the year to date.

Paul Feeney, CEO of Quilter plc, said: “Over the last quarter more volatile investment markets and geopolitical uncertainty have contributed to weaker investor sentiment resulting in a market-wide reduction in net retail flows.

“Year to date flows across the market are down 55% on the comparable period according to the Investment Association.

“Against this backdrop, I am pleased to report continued solid performance in NCCF of £1.1bn (excluding Quilter Life Assurance) in the third quarter, marginally ahead of the second quarter.

“Worthy of note is the more cautious approach both we and the advisers who use our platform have taken towards defined benefit to defined contribution pension transfers.

“These totalled £0.3bn in the third quarter of 2018 versus £0.6bn in the comparable period of 2017.

“Gross flows into Quilter Investors of £4.3bn year to date were up 10% on a year earlier and gross sales within Quilter Wealth Solutions, our UK platform business, remained strong at £6.1bn year to date, down 9% on the prior year despite the factors referenced earlier.

“This demonstrates the benefit of having both a substantial adviser workforce and an open channel actively supporting over 4,000 IFAs.”

He added: “We remain confident in the long term prospects for our business model.

“We look forward to reporting our full year results in March 2019.”