AMP flags loss of Woolworths super mandate
AMP Limited has flagged an end to one of its most important corporate superannuation mandates – that of Woolworths.
The big wealth management group said that the conclusion of the mandate with Woolworths was expected in the first half of next year and would generate an additional one-off impact of approximately $4 billion in cash outflows.
However, it said that exit of the mandate was not expected to have a material impact on profitability.
The expected loss of the superannuation mandate came against the background of generally better news for AMP around AMP Bank and its North platform.
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