AMP believes its wealth management outflows show “underlying signs of improvement” in the wake of COVID-19 and despite the exit of several mandates.
AMP’s wealth management division suffered net outflows of $1.5 billion over the March quarter, with cash outflows of $6.7 billion including $448 million in regular pension payments and the exit of a corporate super mandate. Inflows were $5.2 billion, and AUM increased by $1.6 billion during the first quarter, reflecting stronger investment markets.
AMP Capital saw external net cash outflows of $1.3 billion, driven primarily by fixed income outflows and planned divestment of infrastructure assets in equity closed-end funds. New Zealand wealth management total AUM decreased to $12.2 billion “in part due to the exit of a large corporate superannuation client”.
More to come.
After Labor has secured a somewhat surprising landslide win in the federal election, the FSC CEO said this will now be a ...
Platform executives are pushing for more advice revenue to be invested in advice tech capabilities, labelling the ...
The licensee said around 80 per cent of eligible Brighter Super members have confirmed they will transition their advice ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin