Dollars keep pouring into AMP coffers
AMP has topped inflow figures for the second quarter in a row, according to Assirt market share figures released yesterday.
AMP has topped inflow figures for the second quarter in a row, according to Assirt market share figures released yesterday.
AMP reported more than a $1 billion of net inflows in the three months to December 31, nearly doubling its nearest rival Commonwealth Financial Services.
The figures cap a strong year for the funds management arm of the financial services giant which has lagged behind some of its smaller, more nimble competitors in previous years. Its Australian equities team has driven the group to the top of the performance tables which has helped drive money into its three flagship products in personal super, corporate super and annuities.
Commonwealth leads the banks in this quarter’s survey with just over $500 million in net in-flows for the quarter, almost double National Australia Bank who were in third spot in the in-flows league table. ANZ came in at number ten with just over $100 million while Westpac was conspicuously absent from the top ten performers.
Two newcomers to this quarter’s top ten were Barclays Global Investors (BGI) and JB Were. BGI’s superannuation products drove the sales increase while stock broker Were Securities was primarily responsible for the spike in JB Were’s numbers, according to Assirt.
Recommended for you
AFCA has confirmed United Global Capital’s membership of the body will not be extended to accept further complaints, avoiding a repeat of the Dixon Advisory scenario.
Three of Australia’s largest financial advice groups have shared their thoughts with Money Management on whether they would include crypto on their approved product lists.
Shadow treasurer Angus Taylor has vowed to introduce a bill to legislate a raft of financial services reforms if the Coalition is elected.
Money Management examines the share price of financial advice licensees over one year to 31 March, with M&A actions in the final quarter having a positive effect for two licensees.