Assets under management and administration for Financial Planner and wealth manager Quilter dropped 11% to £99.6bn in 2022.

Wealth manager Quilter has reported a fall in assets under management and net inflows in its fourth quarter, but bosses said the firm ended the year on “a solid note.”

Quilter chief executive Paul Feeney will leave the wealth manager and Financial Planner at the end of October after 10 years in charge.

Quilter has backed FCA plans to dismantle obstacles to clients shifting their platform portfolios to a competitor and is supporting a ban on exit fees to help achieve this aim.