Financial Planner and wealth manager Quilter is to return £328m to its shareholders today.

Shareholders on the UK share register will be paid 20p per ordinary share.

The Financial Planning firm first announced its plans to return cash to its shareholder on 9 March.

Quilter has issued the cash by allotting and issuing 1,638,123,081 B Shares at 8am this morning.

The firm will not apply to the FCA, London Stock Exchange or the JSE for any of the B Shares to be admitted for trading on any stock or investment exchange.

It will also not issue any share certificates.

The firm will redeem these B Shares tomorrow for 20p per share.

Any additional aggregated proceeded from the sale will be donated to the Quilter Foundation.

After today and tomorrow’s activity Quilter’s total issued share capital will consist of 1,404,105,498 ordinary shares of 8 1/6p each.

The Financial Planning and wealth management restructured its business, , shifting focus towards high net worth and affluent clients, in November.

Paul Feeney, CEO of Quilter, said the reorganisation of the firm is part of plans to drive growth and efficiency across the business. 

The Quilter platform completed a rebrand to Quilter last year from Old Mutual Wealth. The two firms separated in June 2018.

The rebrand was the end of a progressive rebrand of the Quilter’s divisions from Old Mutual Wealth to Quilter.

The multi-asset investment business became Quilter Investors in 2018 and its financial advice business became Quilter Financial Planning in 2019.

The core Quilter proposition now has two arms.

The affluent arm includes Quilter Financial Planning, the Quilter platform, and Quilter Investments.

The high-net-worth arm focuses on the group’s DFM services.

The Financial Planner and wealth manager cut its number of restricted advisers in 2020/21 by 141 from 1,842 to 1,701, according to a statement in August. At the time is said more advisers were expected to leave the firm in the remainder of the year.