Steady AMP cashflows quarter undermined by NZ super exit
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.
Recommended for you
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
Responsible investment performance concerns have lessened as the market hits $1.6 trillion in AUM, according to RIAA’s annual report, but greenwashing fears among asset managers are on the rise.
Research by Morningstar has found fixed income funds are bucking a general trend around managed fund fee dispersion with a smaller fee dispersion compared to equity ones.
As investors seek to diversify their portfolios, the naming of bond labels has broadened out to include green, social and impact bonds, according to the annual RIAA report.