On Thursday, it was confirmed that AMP Capital’s AUM dropped by 4 per cent from the previous quarter ($187.6 billion) to $180.3 billion, which the wealth giant attributes to “redemptions in public markets and real estate funds and partially offset by inflows into infrastructure equity capabilities”.
However, it also was reflected by net cash outflows jumping up to $12 billion, a significant increase from the $2.4 billion reported for Q3 2020.
“AMP Capital’s cashflows primarily reflected the internal outflows from NZWM, after the transition of the mandate to an index-based investment strategy, announced earlier this year, in line with market trends,” AMP chief executive Alexis George said.
“Our private markets teams have continued to invest on behalf of our infrastructure clients and build its pipeline of opportunities.”
Meanwhile, AUM for AMP’s North platform increased by $1.7 billion to $58.6 billion for the quarter, which included cash inflows of $333 million from external financial advisers.
AMP’s wealth management remained flat on the previous quarter with AUM of $131.2 billion.
“AMP Bank has delivered another strong quarter, amid a very active market, helping more of our customers to purchase a home,” Ms George said.
“We’ve progressed our transformation of wealth management, enabling us to deliver superannuation fee reductions at the start of Q4, as we committed. We’ve also continued to invest in our North platform, which has again grown assets under management.”
Ms George added the company’s main priorities moving forward will be on the demerger of its private markets business from AMP in the first half of 2022.
Lets hope the trend continues until AMP joins names such as HIH, OneTel and Bond Corporation as failed and flawed Australian companies. This company is that well run they are running TV ads because people thought they were an insurance company – which they sold off as it was non core.
“We’ve progressed our transformation…..” yep, doing a great job. You should have completely destroyed it within the next 12 months, so pay yourselves a bonus.
…there’ll be 5 green bottles standing on the wall, and if one green bottle were to accidentally fall…
The countdown continues!
Not going to stop and could not happen to “nicer”” insto….