Wealth manager Quilter has reported a year on year rise in assets and a modest recovery in inflows.

Assets under Management and Administration (AuMA) were £109.5 billion at the end of September compared to £108.2m in Q3 2019.

Year to date net inflows were £1.2 billion compared to £0.2bn in net outflows in 2019.

Third quarter gross sales showed a modest decline on 2019 at £2.7 billion (2019: £2.8 billion).

The company said it saw “solid” Quilter Investment Platform gross flows of £1.2 billion (2019: £1.4 billion).

Figures were less positive at Quilter Financial Planning. In the three months ended 30 September it saw a drop in inflows from £0.6m to £0.4m. Year to date it saw a drop from £2m to £1.7m.

The Quilter Investment Platform re-platforming project is on track, the firm says, with around 80% of platform assets to be migrated by year-end.

Major second migration will take place with advisers and clients over the last weekend of November.

The company has continued with its capital return programme with £130 million of the announced share buyback of up to £375 million completed as at close of business on 16 October.

Cost saving and re-organisation moves are under way and expected to show benefits in 2020/21.

Paul Feeney, chief executive of Quilter, said: "Despite a more challenging market backdrop, we are pleased with the substantial year-on-year improvement in net flows.

“Gross flows were broadly stable and outflows relating to the departure of a specific team in Quilter Cheviot reduced to £31 million in the quarter from £615 million in the third quarter of 2019.

“As expected, third quarter net flows were seasonally weaker than the first half of the year due to the Covid-19 induced economic slowdown, our planned platform migration in the final quarter and the re-emergence of Brexit related concerns towards the end of the quarter.

“However, both period end AuMA of £109.5 billion and average AuMA of £106.2 billion were ahead of the 30 June 2020 closing positions of £107.4 billion and £105.1 billion respectively. This was supported by good investment performance from our Wealth Select and Cirilium Active ranges in the second and third quarter.”