AMP posts inflows surge
AMP posted a 29 per cent jump in net cash inflows to $2.66 billion in the March quarter, and is flagging the strong run to continue in the wake of today’s Federal Budget if speculation proves correct that super will emerge as a winner.
Also, new mandates totalling around $1.5 billion worth of super are scheduled to flow into AMP over the next two quarters from companies such as Woolworths, the Nine Network and Mitsubishi.
Chief executive Andrew Mohl said the fund manager is “well-placed overall to deliver on the goal announced last year to double the value of an investment in AMP between mid-2005 and mid-2010”.
Mohl was speaking against the background of the group’s rising share price last week, partly on its inflows, and also on speculation Federal Treasurer Peter Costello could announce cuts to the superannuation contributions tax.
The share prices of other fund managers, including AXA, also rose last week as investors anticipated that any such cuts would encourage people to invest more in super.
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