North platform core to AMP

The degree to which the platform business now sits at the heart of AMP Limited has been emphasised by its second quarter cashflows update to the Australian Securities Exchange (ASX) revealing a 63.2% increase in flows to $1,565 million.

The level of flows was described by AMP chief executive, Alexis George as a standout performance and she emphasised the importance in terms of the company’s relationships with advisers.

“This reflects the strength of our platform proposition for advisers and their clients, supported by ongoing innovation – including our AI File Note tool and Lifetime retirement solutions,” she said. “Our Managed Portfolio offer continues to grow rapidly, with assets under management (AUM) now at $21.8 billion.

George noted that AMP’s superannuation business had reached “a significant milestone, delivering positive net cashflows for the quarter, for the first time since 2017”.

“This reflects our continued efforts to build a compelling member proposition which is delivering outstanding investment returns, service and education,” she said.

“We will continue our focus on member retention, to drive towards a sustainable position cashflow position. This includes renewed investment to uplift our digital engagement, rolling out our digital advice offering, and the recent launch of AMP Lifetime Super to our members,” Geroge said.

The AMP chief executive said that with respect to AMP Bank the company was continuing to prudently manage volumes to preserve margins.

“Early feedback on our new digital bank, AMP Bank GO, has been positive and we have rolled out new features including a small business overdraft product, with savings accounts and term depositions to come in the second half,” she said.