Corporate super exits weigh on AMP
AMP Limited was already facing challenges and these have been magnified by the impact of COVID-19 with the company announcing to the Australian Securities Exchange (ASX) today that assets under management (AUM) had decreased by $10.7 billion.
Providing a first quarter cashflow update to the ASX, the company said its Australian Wealth Management division AUM reduced to $116.3 billion, down from $134.5 billion in the previous quarter.
The company also reflected the impact of corporate superannuation mandate losses stating that net cash outflows of $1.9 billion included outflows of $430 million from a number of corporate superannuation mandates and $205 million from the impacts of the Government’s Protecting Your Superannuation Legislation.
Commenting on the quarter, AMP chief executive, Francesco De Ferrari, said markets had been extremely volatile in the quarter with ‘significant falls’ in equities, fixed income and key commodities affecting assets under management.
Recommended for you
Unveiling its performance for the calendar year 2024, AMP has noted a “careful” investment in bitcoin futures proved beneficial for its superannuation members.
SuperRatings has shared the median estimated return for balanced superannuation funds for the calendar year 2024, finding the year achieved “strong and consistent positive” returns.
The second tranche of DBFO reforms has received strong support from superannuation funds and insurers, with a new class of advisers aimed to support Australians with their retirement planning.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
