Wealth manager Quilter reported rising profits this morning in its first results since listing as a standalone business.
Quilter, which was spun out of insurance company Old Mutual earlier this year, posted pre-tax profits of £110m in the first half of the year, growing 16 per cent compared with the same period in 2017.
Meanwhile, assets under management reached £116.6bn, rising two per cent from the previous six months.
Read more: Old Mutual North American Equity – added to top fund rankings
New client money boosted the bumper results, with the firm revealing net inflows of £2.2bn.
However, chief Executive Paul Feeney said that company is "someway from demonstrating its full potential".
Feeney added: "After three years of essentially flat annual profits given the investment in the business, the return to growth with an increase in adjusted profit… is particularly pleasing."
A special interim dividend of 12p per share was also announced in the companys results, returning £221m surplus proceeds from the sale of the "Single Strategy Old Mutual Wealth Business" to shareholders.
Quilter, which started trading independently in late June, was valued at £2.8bn when it joined the London Stock Exchange after splitting from Old Mutual group.
Read more: Old Mutual wealth management arm Quilter floats with £2.8bn valuation
Old Mutual completed its radical four-way break-up in June after concluding in 2016 that the Anglo-South African conglomerate structure had little support from investors.
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