FTSE 250 wealth manager Quilter has called in former Hargreaves Lansdown chief Chris Hill to its board today as the firm looks to beat the troubles squeezing UK money managers this year.
In a statement this morning, the wealth management giant said Hill had been appointed to its audit and remuneration committees in his first role since leaving the UK’s biggest retail investment platform Hargreaves Lansdown in November.
Hill faced a turbulent tenure at the top of Hargreaves Lansdown and came under fire from founder Peter Hargreaves over his efforts to boost the firm’s offer of combined digital and human advice.
In his seven period as chief from 2016, shares in the firm slumped around 40 per cent despite a surge through the pandemic as retail investors poured cash into the market.
Quilter chair Ruth Markland said today: “[Hill’s] deep knowledge of the wealth management industry and experience as a financial services CEO and CFO will be invaluable to the Board as we continue to invest in our business and deliver our strategic ambitions.”
Quilter has shrugged off the worst of the troubles facing the UK’s money management market this year as flows across the sector tumble and investors look to dodge volatility.
City analysts at Numis last week warned that “dark clouds” hanging over the sector are set to stay as investors shift their cash into so-called alternative assets and hunt for lower cost funds.
However, shares in the firm have climbed over ten per cent over the past 12 months, well ahead of rivals like St James’s Place, which has cratered beyond 40 per cent in value.
At its half year results in August, the investment firm said its assets under management had climbed by two per cent in the first six months of the year to £101.7bn, while it notched core net inflows of £700m to its funds.
Shares in Quilter bumped up 0.38 per cent in early trading today.
