On a rather quiet day for corporate news, British asset manager Quilter reported that sticking to knitting is paying off, while Zeder is moving closer to becoming a former listed company. In international news, Italy's competition authority has fined Amazon over pre-selection of consumer options.
London-based Quilter is Old Mutual's former wealth management business; reported that the group's assets under management and administration rose 5% from the first quarter to the end of March to £111.6 billion (R2.6 trillion), with core net inflows at £810 million, on the same level as the previous year. It was about twice that of the previous year. “The Quilter channel continues to drive strong mobility in both high-net-worth and high-net-worth individuals,” said CEO Stephen Levin. “Our focus on expanding and deepening business relationships is showing clear results, with gross new sales in the IFA and Quilter channels increasing by 34% and 21% year over year, respectively. We are pleased that our platform achieved net flows of over £1.00.''This represents the strongest quarter of net flows to our platform during the period we have been a listed company. ” Quilter shares soared more than 4% on Wednesday, rising by more than a third in the past year.
Zeder Investments focused on agriculture announced a special dividend of 10 cents for the year to the end of February, and when combined with the special dividend of 35 cents, the total collection for the year amounted to just under R700 million. Zeder, currently valued at around R2.8 billion on the JSE, had sold its fruit distribution company Capespan earlier in the year. Zeder, part of the stable PSG Group founded by Johnny Mouton, has been steadily liquidating its businesses, and on Tuesday announced that it would be closing down its remaining businesses, including the Pome and Agricultural Materials businesses it retained when it sold Capespan. announced that it is considering offers for the business. Zard is currently our biggest asset. Soeder shares fell more than 5% on Wednesday and remain slightly positive year-to-date.
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