Scaling up
Quilter Plc (QLT) is aggressively scaling its financial advice network, raising itsrestricted financial planner headcount by 19% CAGR since H1'16. QLT has
systematically acquired two of the largest UK advice firms in H1'19 (Lighthouse and
Charles Derby). QLT disclosed 14 acquisition within the Private Client Advisers
business in FY'18 alone. QLT's investment in distribution and replatforming is
softening its earnings growth for FY'19f (AOP -6.3% y/y). Advice acquisitions
require 12 to 24 months before flows are generated for QLT's platform and solutions
business. In our view, the culmination of a 50% rise in advisers since FY'17 and a
new investment platform will deliver 6% CAGR in revenue from FY'19 to FY'22.
Scale benefits and operational efficiencies will raise operating margins by 460bps,
lifting operating profits by 10% CAGR between FY'19f and FY'21f.
Quilter PLC Formerly known as Old Mutual Wealth Management Ltd. Quilter PLC, formerly Old Mutual Wealth Management Ltd, is engaged in wealth management business. The Company offers financial advice; investment platforms; multi-asset investment solutions and discretionary fund management offerings. Its segment includes Wealth Platforms and Advice and Wealth Management. Wealth Platforms includes its Old Mutual Wealth United Kingdom Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business. Advice and Wealth Management includes the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and the Multi-asset investment solutions business.
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