AMP reported a $387 million turnaround in its first quarter results, released ahead of its annual general meeting held early May, singling out the performance of its retail platforms, wealth management and SMSF business.
According to a statement from AMP, its AMP Financial Services entity saw net cash flows of $95 million for the quarter to 31 March 2013, signifying a $387 million turnaround on its Q1 2012 figures.
The turnaround is partly accounted for by “strong flows into AMP SMSF”, which saw cashflows almost double, rising from $42 million to $97 million. Three hundred additional SMSF member accounts have been set up within AMP since Q4 2012, raising the total number of member accounts to 9,400.
AMP’s SMSF business was established in June 2012 and is now a “market leader”, according to AMP chief executive Craig Dunn.
Dunn was speaking to shareholders at the company’s annual general meeting, held at Sydney’s Town Hall, following release of the Q1 results.
“Building our presence in self-managed super is a key part of our plans for the future and we’ve moved quickly and aggressively to build this leading market position in under a year,” Dunn said.
“To survive and prosper in the future, AMP must be where the market growth is and that means moving more quickly to build businesses that meet the needs of our customers today and tomorrow.”
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