AMP rethinks platform
AMPhasconfirmed that it is willing to review its investment platform strategy as part of a bid to rejuvenate its wealth management business.
A spokesperson for the group said last week AMP’s investment platform strategy was within the areas that could be reviewed by new chief executive Andrew Mohl to ensure the group maintained its market share of the retail managed fund sector
“Andrew Mohl said the other day that we would do whatever we have to do to keep our share of net flows and that may mean we have to look at our platforms,” the spokesperson says.
The comments come in the wake of reports last week suggesting AMP was in discussions withBTabout launching a badged version of the BT wrap.
The AMP spokesperson has denied the group has entered into any formal negotiations with BT.
However sources at BT say AMP has looked at the group’s wrap, although the sources say the examination was carried out only in the context of a review by AMP of a number of the leading wrap providers.
A move by AMP to badge an external wrap platform would not be out of step with the group’s existing strategy when it comes to investment platforms.
The group’s PortfolioCare master trust is a badged version of the St George Bank ownedAsgardplatform.
AUTHOR
George Liondis
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