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AMP reports super growth in Q1
AMP has reported assets under management (AUM) growth in its superannuation and SMSF services for the first quarter of 2015.
The company announced AUM in AMP Flexible Super increased by $1.1 billion in Q1, to $14.2 billion, while AMP SMSF saw AUM grow by $809 million in the same period.
The Flexible Super fund reported net cash-flows of $347 million in Q1 15, down from $387 million in Q1 14.
"While cash inflows into AMP Flexible Super increased eight per cent, rising AUM in retirement accounts resulted in higher outflows," an AMP statement revealed.
"Corporate superannuation net cash outflows were $23 million in Q1 15 compared to a net cash inflow of $5 million in Q1 14.
"The decline was in part due to significant redundancies within a large corporate plan and higher outflows to internal products."
"Flows will benefit through 2015 from mandate wins as customers begin to transition."
Figures released today revealed AMP Capital's AUM climbed by $9 billion in the first quarter, with its Australian wealth management business' $6.6 billion growth in Q1, while AMP SMSF AUM increased by $809 million to $19.7 billion.
AMP chief executive, Craig Meller, described the results as 'encouraging,' with the company attracting solid external cash-flows through new products.
"Cash-flows across the business are encouraging, particularly in our contemporary products such as our North wrap platform, which is attracting good external flows," he said.
External flows into the North wrap platform jumped six per cent, driven by strong inflows into superannuation and investment products, with more than 60 per cent of the platform's cash-flows coming from external sources.
AUTHOR
Nicholas O'Donoghue
Nicholas is a journalist for Money Management and Super Review. Nicholas has several years experience as a journalist, reporting and managing websites for various news publications covering the medical and pharmaceuticals sector.
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