Platforms help AMP cashflows stay positive
The value of the synergies generated by AMP Limited's acquisition of AXA Asia Pacific has been made clear by the company's latest cashflow and assets under management (AUM) report to the Australian Securities Exchange (ASX) which reveals strong growth underpinned by platform performance.
The company told the ASX today that Australian financial services cashflows were $95 million for the quarter, representing a $387 million turnaround on the same period last year. The cashflows resulted from a strong performance by its retail business on AMP Platforms.
AMP said $391 million of net cashflows had been recorded for the period, compared with just $45 million for the previous corresponding period.
As well, the report to the ASX pointed to the company's increasing investment in the self-managed superannuation funds (SMSF) space beginning to pay dividends.
The report showed solid cashflow growth with respect to AMP Financial Planning and Charter Financial Planning, but Hillross, Jigsaw and iPac were net inflow-negative during the period.
However it was the North Platform, picked up as part of the AXA Asia Pacific acquisition, which proved the real winner for AMP in the quarter, with net cashflows tripling to $779 million.
The company said this reflected the benefits of recent platform enhancements and a strong take-up across AMP's aligned planner network.
The ASX report also noted that AMP SMSF cashflows were $97 million for the quarter, up from the $55 million in the same quarter last year shortly after the establishment of the business.
Recommended for you
In this episode of Relative Return, host Laura Dew is joined by Andrew Lockhart, managing partner at Metrics Credit Partners, to discuss the attraction of real estate debt and why it can be a compelling option for portfolio diversification.
In this week’s episode of Relative Return Unplugged, AMP’s chief economist, Shane Oliver, joins us to break down Labor’s budget, focusing on its re-election strategy and cost-of-living support, and cautioning about the long-term impact of structural deficits, increased government spending, and potential risks to productivity growth.
In this episode of Relative Return, host Laura Dew chats with Mark Barnes, head of investment research, and Catherine Yoshimoto, director of product management, from FTSE Russell about markets in Donald Trump's second presidency and how US small caps are faring compared to their large-caps counterpart.
In this episode of Relative Return Unplugged, we examine the push for superannuation tax reforms aimed at saving $10 billion annually, as well as the immense pressure being placed on Treasurer Jim Chalmers ahead of the budget and Deloitte’s warning of a $26.1 billion deficit.
