AMP’s Advantage Funds hit $2bn


AMP has announced that through its Advantage Funds, which have grown to more than $2 billion in assets under management in less than two years, advisers can access over 30 wholesale managed funds and all major asset classes.
Rod Finch, AMP’s managing director wealth products & platforms, said that its Advantage Funds were an important part of our flagship MyNorth wrap investment offer, which were continuing to strengthen through its growing managed portfolio range.
“The continuing strong demand for the Advantage Fund range reflects the quality of asset managers, diversity in investment options, and the low cost at which we’re able to provide the funds to advisers and their clients, including up to a 25-basis point discount against the equivalent wholesale fund management fees,” he added.
However, the exposure to both fixed interest and international equities reduced over the course of the last financial year and according to Lakshman Anantakrishnan, chief investment officer of AMP’s Australian wealth management business, this trend would be likely to be driven by record low rates.
“While fixed income remains the dominant investment class, we’ve seen a shift to higher income generating assets such as infrastructure and property as clients seek greater yield. The same drivers may have also led to a greater allocation to Australian equities, with domestic markets continuing to provide better yield than offshore markets,” he said.
“The small fall in international equities and movement of funds to domestic equities may also reflect growing uncertainty in global markets.”
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