AMP has reported a $387 million turnaround in its first quarter results released ahead of its annual general meeting today, singling out the performance of its retail platforms, wealth management and SMSF business.
According to a statement from AMP Limited, its AMP Financial Services entity saw net cash flows of $95 million for the quarter to 31 March 2013, signifying a $387 million turnaround on its Q1 12 figures.
The turnaround is accounted for by a “strong performance by its retail business on AMP platforms with $391 million net cash flows compared to outflows of $45 million in Q1 12”.
In particular, the North wrap platform performed well, off the back of a “strong take-up across AMP’s aligned planner network”.
AMP’s wealth management arm also performed well, with assets under management (AUM) at $89.8 billion, up 4.6 per cent on Q4 12, while AMP Capital AUM is up 1.6 per cent to $130.7 billion.
The statement also singled out the impact of “strong flows into AMP SMSF”, which saw almost double cashflows up $42 million to $97 million. Five hundred additional SMSF member accounts have been set up within AMP since Q4 12.
AMP's SMSF business was established in June 2012 and is now “market leader” according to comments made by AMP chief executive Craig Dunn to ifa in April.
“SMSF is the largest and fastest growing sector in the market and that makes it attractive to us,” Dunn said. “We intend to continue to dominate market share.”
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