In an ASX update for the three months to 30 September, the firm said platform net cash flow excluding pension payments was $1.2 billion for the quarter, up 61 per cent from $750 million in the same period a year ago.
Platform assets under management (AUM) increased to $86.9 billion, up from $78.1 billion a year ago, driven by market movement and strong flows.
AUM on North managed portfolios increased to $23.8 billion, up from $17.9 billion in the same period of 2024.
AMP CEO Alexis George said: “In platforms, the strength of the North proposition continues to be recognised by advisers, with net cash flows up over 60 per cent on the prior corresponding period and AUM reaching close to $87 billion.
“We continue to innovate in the areas we know advisers value, such as managed portfolios, where AUM is now $23.8 billion. Our recently launched ‘Grow’ feature allows advisers to meet a broader range of client needs on North by blending across menus – a market-first.”
However, flows on the superannuation and investment division fell back into outflows after reporting its first quarterly inflows since 2017 during the second quarter.
Net cash outflows were $241 million during the quarter compared to $33 million in inflows during the second quarter. Although it fell back into outflows, AMP said the quarterly figure was a 27 per cent improvement on $334 million outflows experienced in the third quarter of 2024.
Earlier this week, Edwina Maloney, who is group executive for platforms at AMP, said the firm is looking at three areas for adviser growth on the platform. In its half-year results, the firm said North signed 34 new distribution agreements with Australian Financial Services licensees during the period and activated 25 net new advisers who had $1 million-plus in funds under advice. In total, North has over 4,200 active adviser relationships.
Speaking at the Citi Investment Conference 2025, she said: “There’s a couple of areas for us; the first is about adviser efficiency. If we can get advisers from 110 to 200 [clients] on average then you’re doubling the book size.
“The second is around advisers who have become inactive on North. I have around 2,000 advisers who are inactive so it’s about reactivating those and turning them back into advocates for North again. That’s an untapped opportunity.
“Finally, let’s orientate our sales team into an advice segment we haven’t talked to in a long time because we were focused on our aligned network of advisers. We are back out there, we are talking to them and we are relearning, it’s like muscle memory.”
