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Mandate wins bolster AMP
A number of corporate superannuation fund tender wins will help AMP Financial Services (AMPFS) weather the current market downturn, according to the company’s managing director, Craig Meller.
Discussing the company’s third quarter cash flow report today, Meller said the next two quarters were likely to benefit from a number of tender wins by the corporate superannuation business, totalling approximately $200 million.
Looking at retail superannuation and allocated pensions and annuities, the AMPFS data showed that total retail super and pension inflows had fallen by 43 per cent during the third quarter to $1.68 per cent when compared to the same quarter last year.
It said this was largely due to a drop in discretionary contributions resulting from poorer consumer and investor sentiment.
Looking at corporate superannuation, it said net cash flows had increased by $149 million, mainly due to a reduction in cash outflows. It said that including mandate wins, total corporate superannuation inflows increased 59 per cent to $1.03 billion for the quarter, compared to $647 million for the same quarter last year.
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