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
Lonsec and SQM Research have highlighted manager selection as a crucial risk for financial advisers when it comes to private market investments, particularly due to the clear performance dispersion.
Macquarie Asset Management has indicated its desire to commit the fast-growing wealth business in Australia by divesting part of its public investment business to Japanese investment bank Nomura.
Australia’s “sophisticated” financial services industry is a magnet for offshore fund managers, according to a global firm.
The latest Morningstar asset manager survey believes ETF providers are likely to retain the market share they have gained from active managers.
