Net inflows rose 136% to £3.5bn for the rebranded Quilter Investment Platform in 2021.

Gross inflows rose 58% to £9bn.

Gross flows from IFAs were up 63% year-on-year, reversing the declines the platform saw in recent years in the lead up to the platform’s migration which completed in February 2021.

Net platform inflows represented 6% of opening assets under administration (2020: 3%).

In its most recent trading update, the Financial Planning and wealth management firm said it had reduced the amount of DB to DC pension transfer work it undertook in 2021.

DB to DC transfers in the fourth quarter of £114m and £581m for the year were both lower than the comparable period (£177m and £862m respectively).

Quilter has previous said that a skilled persons review had found “some instances of further unsuitable DB to DC advice given by Lighthouse advisers beyond that relating to British Steel Pension Scheme transfers.” The review is expected to be concluded in the first half of this year.

Assets under management and administration at Quilter rose 13% year-on-year to £111.8bn as at 31 December.

Net inflows rose considerably to £4bn (2020: £1.5bn), representing 4% of opening assets under management and administration.

The fourth quarter saw net inflows of £1bn (2020: £0.3bn).

Average assets under management and administration, the principal driver of net management fee revenue, rose 17% to £105.3bn (2020: £90.2 billion).

Paul Feeney, CEO at Quilter, said: “2021 was a year of continued business challenge caused by the Covid pandemic coupled with a degree of market volatility. However, it was also a year which highlighted the strength of our advice-based model, which delivered consistent flows of around £1 billion a quarter into our business during 2021 and we expect momentum to continue to improve in 2022.”

The wealth manager and Financial Planning firm re-structured its business, shifting focus towards high net worth and affluent clients, in November.

Paul Feeney, CEO of Quilter, said the reorganisation of the firm is part of plans to drive growth and efficiency across the business.

The Quilter platform completed a rebrand to Quilter last year from Old Mutual Wealth. The two firms separated in June 2018.

The rebrand was the end of a progressive rebrand of the Quilter’s divisions from Old Mutual Wealth to Quilter.

The multi-asset investment business became Quilter Investors in 2018 and its financial advice business became Quilter Financial Planning in 2019.

The core Quilter proposition now has two arms.

The affluent arm includes Quilter Financial Planning, the Quilter platform, and Quilter Investments.

The high-net-worth arm focuses on the group’s DFM services.

The Financial Planner and wealth manager cut its number of restricted advisers in 2020/21 by 141 from 1,842 to 1,701, according to a statement in August. At the time is said more advisers were expected to leave the firm in the remainder of the year.