AMP has announced its quarterly results with new chief executive Blair Vernon stating the positive cashflows demonstrates its momentum in the wealth space.
In the three months to 31 March, the firm said platform net cashflows increased 45 per cent to $1.1 billion from $740 million a year ago, however, this is a drop from $1.6 billion in the last quarter of 2025.
Assets under management (AUM) were $85.5 billion, slightly down from $88.7 billion in the last quarter as a result of market volatility.
AUM on managed accounts increased from $25.2 billion to $25.4 billion, again due to market movements offsetting inflows.
During the quarter, AMP launched the North Interactive Wealth Portal, which provides financial advisers with a holistic view of their clients’ retirement projections and goal tracking. It also rolled out several changes to the North platform including updated pricing for its cash investments.
Superannuation and investment outflows continued to moderate from $108 million a year ago to $80 million. AUM in this division was $58.8 billion, down from $60.7 billion.
“The continued improvement in cashflows is driven by the ongoing focus on retention and new member acquisition supported by a strong member proposition,” it said.
Total AMP assets under management were $155.9 billion across the wealth business.
Blair Vernon, chief executive of AMP, who took up the role this month from Alexis George, said accelerating organic growth on the wealth business is one of his top priorities.
“In platforms, we are seeing the benefit of the new adviser relationships we have built over the past 12 to 24 months with another strong quarter for cashflows. We have delivered another market leading feature with our new North Interactive Wealth Portal, which is already receiving positive feedback from advisers,” Vernon said.
“We will continue to build on this by connecting with more new advisers and deepening our strong existing adviser relationships.”
The firm had previously discussed how it was actively targeting new advisers and had mobilised its distribution team in the platform space as the role of business development managers evolved.
This included the appointment of Kristine Goodwin from Milford Asset Management last year as director for platform growth and wealth distribution, Harry Georges as head of national sales for its North platform and Amanda Trenfield from State Street Investment Management as senior manager of asset consultant partnerships.
Speaking last year, Edwina Maloney, group executive of platforms, said the firm had specifically focused on hunting for new clients as well as looking after existing relationships.
“We have crafted a function called a new business manager, think of that as a ‘hunter’. We had relationship managers who were nurturing a book of existing advisers, but we didn’t have anyone out there hunting,” Maloney said.
“We are at the start of hunting for new clients and as they come in, they bring in new cash flow and that will build year-on-year.”
