AMP North platform hits record cash flows
AMP’s North investment platform has recorded its highest quarterly cash flow of $1.5 billion, its sixth consecutive quarter of net cash flows of $1 billion or more.
However, the large net inflows into North were offset by net outflows from AMP's other retail platforms – including its Flexible Lifetime superannuation and pension product.
In net terms, AMP's wealth management division saw total cashflows of $476 million for the third quarter, doubling the cashflows of the third quarter of 2013.
“Total [assets under management] AUM was $105.2 billion, up from $103.8 billion at the end of Q2 14, reflecting stronger net cash flows and positive investment returns over the quarter. Average AUM increased by 2.6 per cent over the same period,” a statement from AMP said.
“North AUM grew to $13.8 billion at the end of the quarter, up from $12.2 billion at the end of [the second quarter] 2014,” the statement said.
AMP’s also said its corporate superannuation net cash flows were $16 million in the third quarter of 2014, compared to a net cash outflow of $52 million for the third quarter in 2013 where the “Q3 13 included a mandate loss of $60 million”.
“This continues our solid momentum across the business,” AMP chief executive Craig Meller said.
“Our current range of products are performing well, the focus on Asia continues to deliver results and the performance of our insurance business is in line with guidance."
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