Britain’s Quilter says Ukraine invasion dampened March sentiment

LONDON (Reuters) – Fund manager Quilter posted a 4% decline in quarterly assets under management and administration (AUMA) on Wednesday, noting that the invasion of Ukraine by Russia had dampened investor sentiment for most of March.

Average AUMA came in at 107.6 billion pounds ($140.1 billion) in the first quarter to end-March, modestly ahead of the 2021 full-year average of 105.3 billion pounds. Net inflows stood at 1 billion pounds, despite a volatile market backdrop.

Chief Executive Paul Feeney said net inflows in the first two months of the year were comfortably ahead of the comparableperiod in 2021 but added that the invasion of Ukraine in late February had affected sentiment in March.

The fund manager, which became a standalone company after the break-up of Anglo-South African financial services firm Old Mutual in 2018, said it was well positioned to take advantage of opportunities ahead.

($1 = 0.7678 pounds)

(Reporting by Kirstin Ridley, editing by Sinead Cruise)