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Quilter presses ahead with dividend, buybacks

Published 21/04/2020, 07:32
© Reuters.
QLT
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LONDON (Reuters) - Asset management group Quilter plc (L:QLT) is pushing ahead with its dividend payout and its share buyback scheme in spite of COVID-19 market volatility, after posting first quarter net inflows of 500 million pounds .

The firm reported a 13.7% fall in assets under management and administration (AUMA) to 95.3 billion pounds at March 31 and said its average AUMA for quarter came in at 105.2 billion pounds versus 105.7 billion pounds for 2019.

The company said it no longer expected to achieve its 27% operating margin target in 2020 and would look to cut costs by around 30 million pounds this year through lower variable compensation, reduced marketing spend and other short-term initiatives.

At end-March, the group held around 750 million pounds in cash across its holding companies and estimated its group Solvency II ratio - a key measure of financial strength - to be around 210%.

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