Wealth manager Quilter has posted an adjusted pre-tax profit of £115m for the first half of 2019.

This is an increase of 5% from the adjusted pre-tax profit of £110m last year.

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The firm’s IFRS loss after tax was £32m, versus a profit of £2m a year ago.

Assets under management/administration (AuMA), including Quilter Life Assurance (QLA), were £118.4bn as of 30 June 2019.

This is a rise of 8% from 31 December 2018 and a 2% rise from last year.

Quilter agreed to divest QLA to ReAssure for £425m.

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AuMA, excluding QLA, was £108.7bn.

Net Client Cash Flow, excluding Quilter Life Assurance, was £300m compared to £3bn last year.

Quilter CEO Paul Feeney said: “While the uncertain political environment in the UK evidenced in the latter half of 2018 has continued into 2019, gross new business sales have held up well at £6.0 billion.

“We experienced higher outflows in Quilter Cheviot following the resignation of some Investment Managers during 2018 putting pressure on net flows.

“The Board declared an interim dividend of 1.7 pence per share, representing a pay-out ratio of approximately 46% of adjusted profit after tax and based on an expected one third/two thirds dividend split. This is consistent with the dividend policy outlined at the time of our Listing one year ago.”