AMP North AUM reaches $14bn
AMP North has reached $14 billion in assets under management in its managed portfolios.
This is a 66 per cent annual increase and a rise of 185 per cent since launching in 2018.
Its managed portfolio range is comprised of 112 managed portfolios from 19 investment managers including a new Australian diversified fixed interest portfolio from Real Asset Management, which was launched in December.
Its partnered managed portfolio offering allows advisers to work with the North team and investment managers to created tailored portfolios for their clients.
Most recently, the firm introduced an investment switch functionality for advisers to select investments by entering a client’s target portfolio weightings which better aligns with how they construct their advice documentation.
Advisers can also track how trades are progressing and receive estimated completion dates for switches.
AMP group executive for platforms, Edwina Maloney, said: “Our investment and development program for North is targeted at the areas we know make it easy and efficient for advisers to deliver high-quality advice to their clients.
“This includes the ongoing expansion of our managed portfolio offer as we look to partner with more advice practices to create tailored portfolios for their clients.”
In the firm’s results for the full year 2023, inflows from independent financial advisers to North had risen 33 per cent on the prior corresponding period. Inflows from IFAs were $2.2 billion in 2023, up from $1.7 billion in 2022.
On the platforms side, it reported an underlying NPAT of $90 million, up from $65 million a year ago, reflecting favourable market conditions, higher equity markets and stabilising interest rates. Platform assets under management were $71.1 billion, up 8.5 per cent thanks to favourable market movement.
It said it is looking to invest in technology, product and distribution, as well as embedding market-leading retirement solutions.
AUTHOR
Laura Dew
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