AMP increases focus on advisers
AMP’s renewed focus on financial advisers has seen adviser inflows on its North platform rise by 45%.
Inflows from advisers were $483 million, up 45% from a year ago, while total platform net cash inflows increased from $205 million to $363 million. North assets under management (AUM) were $55.7 billion.
The Australian wealth management division saw net cash outflows of $0.8 billion in Q3 compared to outflows of $1.9 billion a year earlier with the improvement attributed to lower outflows from Master Trust.
Australian wealth management AUM decreased by $3.7 billion to $121.4 billion during Q3, driven predominantly by a reduction in investment markets, as well as net cash outflows.
At AMP Capital, assets under management were $52 billion which the firm said reflected the exit of its real estate separately managed account. This was significantly down from $180 billion a year ago.
AMP chief executive, Alexis George, said: “While challenging investment markets continued to have an impact on assets under management, we have seen a significant improvement in our cashflows as more customers choose to join or stay with AMP.
“We’ve seen a reduction in cash outflows to other superannuation funds and we’re winning new customers on our North platform, which has continued to grow cashflows from independent financial advisers – a key strategic focus for AMP.”
There was currently an ongoing court case against AMP brought by Corrs Chambers Westgarth on behalf of AMP financial planners regarding AMP changes to its Buyer of Last Resort (BOLR) scheme being heard in the Federal Court in Melbourne this month.
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