AMP has relaunched its retail wealth management platforms on its North platform, cutting down on administration for advisers.
The North platform uses DST Bluedoor technology to create a single web portal for all of AMP’s retail platform products.
“Advisers are now able to access all retail platform products for a single platform, making their lives substantially easier, and AMP has been able to significantly cut its software and administrative processing costs and streamline its operations,” DST Bluedoor executive director Martin Spedding said.
“The wrap platform’s attractive features, as well as real-time, straight-through processing, have helped to spur on incredible growth for the North platform.”
AMP uses all aspects of the Bluedoor system, including administration registry, workflow, imagine, web portal, correspondence and reporting.
The company said this week the North platform has struck $10bn in funds under management, a five-fold increase since it was launched as a full wrap platform with $2bn in funds under management in 2011.
The platform posted net cash flows of $4.1 billion in the 2012/2013 financial year, up by $1.9bn, or 89 per cent, from the previous reporting period.
“Our solution is world-leading, which is why AMP has adopted Bluedoor as its core platform,” Mr Spedding said.
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