For the fourth quarter in a row, AMP’s North investment platform has received net cash flows of $1 billion or more, driving a 72 per cent rise in the company’s wealth management business growth.
In a statement issued this morning, AMP Limited announced that net cash flows for AMP Wealth Management for the quarter were $363 million, up 72 per cent from $211 million in the first quarter of 20113, while total assets under management were $101.1 billion, up from $100.5 billion at the end of the fourth quarter of 2013.
“North AUM grew to $10.7 billion at the end of the quarter up 11.5 per cent from $9.6 billion at the end of Q4 2013,“ the statement said. “The North platform had particular success in attracting flows from the post-retirement segment and discretionary investment inflows."
However, corporate superannuation net cash flows were $5 million in the first quarter of 2014 compared to $92 million, accounted for by “a mandate loss and increased outflows from other corporate superannuation products closed to new mandates".
"This is a solid result for the overall business,“ said AMP CEO Craig Meller. “Our contemporary products continue to perform well, our focus on Asia is starting to deliver results and the performance of our insurance business is in line with guidance."
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