AMP’s challenge – investing to maintain momentum

Mike Taylor

Managing Editor and Publisher

20 April 2026

The challenge for AMP Limited over coming years will be investing enough to maintain its momentum in the platform space, according to the latest analysis from Morningstar.

The research and ratings house has delivered AMP a generally positive analysis off the back of the firm’s first quarter inflows with fund under administration rising 7% prompting Morningstar to suggest it is “heading into 2026 with momentum”.

It said the results point to a trend of improved flow, in terms of growth rates, across its platforms and master trusts, but cautioned that dollar flows were lower than forecast, and market losses from recently volatility also led to lower funds under administration (FUA) than Morningstar expected.

The ratings house said it was lowering its fair value estimate for AMP by 3.5% to $1.40 per share but noted it was expecting modestly positive earnings growth as retirement-oriented products and improved features support flow wins from the aging population.

“However, earnings growth is likely to be constrained as margin pressure bites across the group—from product fee margin compression in platforms and loans, to heavy reinvestment costs. AMP must spend on technology and compliance just to keep up with increasingly fierce competition,” it said.

“Over the next few years, AMP’s introduction of new advisor-centric technology -including the North Interactive Wealth Portal, growing managed portfolio suite, and first-to-market MyNorth Lifetime solution – should help it capture a larger share of retirement-focused flows and tilt the mix toward higher-value, advice-linked products,” the analysis said.

“As North’s strong advisor ratings and expanded functionality become more deeply embedded in advisor practices, we think AMP can maintain its competitive standing among platform peers, provided it continues to reinvest enough in digital capabilities to stay on advisors’ short lists,” it said.