Quilter, the £117bn UK wealth-management group spun out of Old Mutual last year, reported rising profits in its first results as an independent company — but warned that staff turnover in its fund management division might hurt its business in future.

Quilter said it made £110m in pre-tax profits during the first six months of 2018, up 16% on the same period a year ago, and announced a special dividend of 12p a share.