Old Mutual Quilter, the British wealth manager that spun out of Old Mutual earlier this year, reported net client cash flow (NCCF) of £500m for the third quarter of 2018, a 61% slump compared to £1.3bn a year earlier.

Excluding Quilter Life Assurance, NCCF dropped 42% to £1.1bn from £1.9bn in the previous year.

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Gross sales were £3.4bn during the quarter, a decrease of 17% from £4.1bn a year ago.

Assets under administration and administration totalled £118.1bn at the end of September 2018, up 3% compared to £114.4bn as at 31 December 2017.

Quilter CEO Paul Feeney said: “Over the last quarter more volatile investment markets and geopolitical uncertainty have contributed to weaker investor sentiment resulting in a market-wide reduction in net retail flows. Year to date flows across the market are down 55% on the comparable period according to the Investment Association.”

These results come after news that Quilter Old Mutual – a subsidiary of Quilter – has appointed a new CEO. Andy McGlone is to succeeds Martin Baines who has been at the helm of the discretionary fund manager for 15 years.

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In September, Old Mutual Wealth Private Client Advisers, the national financial planning business of Old Mutual, dropped the Old Mutual name and rebranded to Quilter Private Client Advisers.