The growth of the platform’s AUM to $11 billion represents an increase of $9 billion in just two years, having been just $2 billion in May 2021.
The company attributed the significant increase to its flexible engagement with practices to “either build, badge or buy from its offer”.
Advisers on the platform have access to a total of 96 managed portfolios across multiple asset classes and investment strategies.
AMP group executive of platforms, Edwina Maloney, said: “Investment in North’s managed portfolios range has continued to surge, increasing from $2 billion to more than $11 billion in the space of two years.
“We recognise the considerable benefits they offer and we’ll continue work closely with the advice community as we further expand North’s managed portfolio range.
“They form an important part of North’s overall value proposition which is focused on investment choice and quality, retirement solutions, functionality, low fees, and service.”
North has also announced a new partnership with Sandstone Insights that it said would provide advisers with access to the latest equity research and analysis through the platform.
It added that the agreement is the first of its kind in the Australian platform market and “reflects North’s ongoing commitment to supporting advisers in delivering high-quality advice to their clients”.
Sandstone Insights manager John Meagher said: “We are delighted to partner with North as they continue to innovate and deliver even more high-quality products and services.
“Sandstone Insights provides advisers and their clients with ASX stock research and equity market commentary to help with their investment portfolios and adds to the tools available to advisers.”
Ms Maloney added: “AMP continues to invest in the IT functionality of our North-managed portfolio offer with new capability coming out later this year.
“Our new partnership with Sandstone Insights also now offers North advisers and their clients access to high-quality research, continuing the evolution of the platform.”
In its half-year results last week, AMP reported that its underlying net profit after tax (NPAT) remained flat at $112 million while its statutory NPAT fell 44.3 per cent to $261 million.
Looking at AMP’s North platform, it reported an underlying NPAT increase of 25.7 per cent over the first half of 2022 to $44 million. AMP said this was largely driven by an improved investment outcome from the North guarantee that was partly offset by lower AUM-based revenue, as well as spending to support business growth.
Inflows to North from independent financial advisers increased by 48 per cent, with a net cashflow of $741 million (excluding pension payments). Average assets under management (AUM) remained broadly in line with 1H22 at $67.3 billion, down slightly from $67.6 billion.
AMP chief executive Alexis George said the North Lifetime retirement solution, which launched late last year, was a large contributor to the increased inflows.
“We needed to come up with something that was different and unique for us and the retirement solution really was smack bang in our branding and our capability,” she said.
“By launching that retirement solution, it really gave us the opportunity to get back onto approved product lists of those independent advisers that we hadn’t been able to do for many years. So, as a result of that, we’ve really opened up a whole new network of supporters through those solutions.”
