Super outflows continue to challenge AMP
AMP Limited is on track to complete the transaction underpinning its substantial exit of advice by the end of the year and is now facing the challenging of reducing the level of outflows from its superannuation and investments business.
However, on the platforms side of the business, inflows were well up.
In its quarterly update released to the Australian Securities Exchange (ASX) AMP pointed to having almost halved outflows from the superannuation and investments business to $334 million.
It said Superannuation and Investment net cashflows (excluding pension payments) improved to an outflow of $334 million, from $619 in the previous corresponding period.
AMP noted that the 2023 figures excluded the loss of a $4.3 billion mandate.
It said this reflected resilient inflows and improved outflows, driven by a renwed focus on the member proposition.
The company said assets under management (AUM) increased to $55.8 billion, reflecting positive investment markets, partially offset by the net cash outflows and pension payments.
On the platform side of the AMP business AMP said net cashflows were up 76% for the quarter at $750 million with independent financial adviser flows onto the AMP North Platform up 47% over the prior corresponding period to reach 36% of total inflows.
It said North’s managed portfolios offer continued to grow, increasing 12.3% to $17.9 billion.
Another levy on financial advisers. This is just blatant persecution.
Here comes another moral hazard. It just encourages the bureaucracy to bloat at the expense of productivity and prosperity.
Rules only apply to some, generally if your cheque book is large enough then you are ok to do whatever…
This is the sort of rubbish that comes out of the modern version of Treasury advice. The boys over in…
This just goes to show the contempt and distain by regulators for the advice sector. A never-ending pole on stuff…