AMPFP struggles but limits outflows

amp-financial-services/amp-financial-planning/market-volatility/

21 October 2008
| By By Mike Taylor |

AMP is feeling the pinch of the market downturns with AMP Financial Planning reporting a dramatic downturn in cashflows for the third quarter of 2008 compared to those for the same period last year.

The company said that net cash flows for the quarter were $76 million compared to $217 million for the previous corresponding quarter, albeit that cash outflows had improved by 39 per cent to $2 billion, compared to $3.3 billion for the previous corresponding quarter.

It said the improvement reflected AMP planner focus on both customer retention and advice, which had limited outflows in the current volatile environment.

The company said Hillross net flows for the quarter $39 million compared to $89 million for the corresponding quarter, reflecting lower discretionary contributions due to ongoing market volatility.

Commenting on the results, AMP Financial Services managing director Craig Meller said they represented a continuation of the trends seen in the first half of 2008.

Discussing the outlook for the group, Meller said market volatility was likely to have an impact on the business.

He said that while market conditions meant that delivering growth in the short term would be more challenging, AMP Financial Services was well placed and remained confident about the medium to long-term outlook for the business.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 5 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND