Steady AMP cashflows quarter undermined by NZ super exit

amp francesco de ferrari

22 April 2021
| By Mike |
image
image
expand image

AMP Limited has found an otherwise satisfactory first quarter undermined by the exit of a major superannuation client in New Zealand.

Reporting its first quarter cashflows to the Australian Securities Exchange (ASX) today, the company noted that assets under management (AUM) within its New Zealand wealth management business had decreased to $12.2 billion due in part to the exit of a large corporate superannuation client.

It said there had been outflows in the business of $102 million driven by increased competitor activity, the exit of the superannuation client and the ongoing impacts of COVID-19.

Referring to the Australian wealth management business, outgoing AMP chief executive, Francesco De Ferrari, said there were underlying signs of improvement with a reduction in outflows of corporate superannuation mandates.

He said an increase in assets in the business reflected continued improvement in investment markets.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

Interesting. Would be good to know the details of the StrategyOne deal....

3 days 16 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 1 day ago

increased professionalism within the industry - shouldn't that say, FAR register almost halving in the last 24 months he...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 3 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

2 days 14 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

1 day 17 hours ago