Quilter has described its first half performance as "resilient", as profits dropped in its wealth management businesses despite inflows improving.

Pre-tax profit in the advice and wealth management business – comprising Quilter Investors, Quilter Cheviot, Quilter Financial Planning, and Quilter Private Client Advisers – was £12 million in the period, against segment income of £228 million.

This compared with the same period in 2019, in which pre-tax profits amounted to £25 million off the back of higher segment income of £253 million.

Quilter’s preferred metric, adjusted profit before tax, sat at £4...