Advisers placed £1.4bn of new business onto the Quilter platform in the fourth quarter of 2023, according to a trading update from the wealth manager.

Gross inflows from advisers onto the platform increased 44% year-on-year (Q4 2022: £1bn) and by 7% on a full-year basis.

Full year gross and net flows from Quilter advisers increased by 15% and 14% respectively.

Steven Levin, CEO of Quilter, said: "Our focus on reshaping our advice business is demonstrating clear results, with Quilter channel gross sales per Quilter adviser increasing 21% on the prior year comparative period.

"Our actions to enhance the proposition of our platform continue to bear fruit. We saw 44% year-on-year growth in fourth quarter gross new business from IFAs onto our platform in our affluent segment, resulting in us moving back into a position of net inflows in this channel during the final quarter.”

However, high net worth clients continued portfolio repositioning led to an outflow in the IFA channel, partly offset by net inflows in the Quilter in-house channel.

Assets under management and administration for the group increased 5% over the quarter to £106.7bn at 31 December.

Core business net inflows of £175m dropped 28% to £175m in the fourth quarter (Q4 2022: £242m), but were a considerable improvement from the £1m reported for the third quarter.

Full year 2023 net inflows as a percentage of assets were 15% for the high net worth segment and 10% for the affluent segment.

Earlier this month Quilter appointed Craig Ross as head of adviser propositions.

He will be responsible for the design and delivery of Quilter’s platform and investment propositions for financial advisers and will report to commercial proposition director Jenny Davidson.

Mr Ross is one of a series of recent senior appointments by the wealth manager.

The firm has also appointed former Hargreaves Lansdown CEO Chris Hill as an independent non-executive director. He was CEO at Hargreaves Lansdown from 2016 until he stepped down in August.