LONDON, (Reuters) – Fund manager Quilter has set targets Wednesday to more than double operating profit by 2025. Additionally, she wants to return around 350,000,000 pounds ($477.02million) as a result of the sale of Quilter International.

According to a statement, Quilter announced a new dividend policy. It targets a payout range between 50 to 70 percent of posttax, interest adjusted profits. That is up from the previous 40 to 60 percent.

After the 2018 dissolution of Anglo-South African financial service firm Old Mutual, the fund manager became an independent company. The plan is for the sale of Quilter International To Utmost in the 480 million pound range to be completed by the end.

It would be worth approximately 440 million pounds, after deducting costs. This was the company’s announcement ahead of an investor conference.

Quilter will spend 90 million on simplification to reduce costs, invest in growth areas like a hybrid advice service and greater digitalization.

“We now look forward to executing the next stage of Quilter’s strategic journey, which will be characterised by a focus on growth and efficiency,” CEO Paul Feeney said.

Quilter stated that it will reaffirm its annual net flow goal of 6% or more by 2022 and operating margin targets at least 25% and 30% by 2023, respectively.

It stated that assets under management and administration from continuing businesses totaled 108.5 billion pounds as of September 2021. The statement was separate, and reported net year-to-date inflows in the amount of 3.0 billion pounds compared to 1.1 billion in the previous year.

($1 = 0.7337 pounds)