POWERED BY MOMENTUM MEDIA
AMP struggles to hold ground on super
AMP Limited claims to have retained the majority of its corporate superannuation mandates in the wake of its appearance before the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
However, the company acknowledged in its full-year results announcement that total corporate superannuation reported net cash outflows of $806 million during the financial year, relative to net cash inflows of $717 million in the previous financial year.
It said the decline was driven by lower mandate wins and higher outflows, noting that the previous financial year had seen $521 million of large corporate mandate wins.
“There were no outflows from loss of large corporate super mandates in FY18,” the Australian Securities Exchange (ASX) announcement said.
However, it acknowledged that there had been an increased level of employer review of corporate super arrangements since AMP’s appearance before the Royal Commission, “with AMP retaining the majority of large mandates following completion of review”.
It said AMP’s corporate offerings, SignatureSuper and AMP Flexible Super – Employer had net cash outflows of $58 million, down $1.3 billion on the previous financial year.
“There were no large mandate wins within SignatureSuper with no plan transitions from CustomSuper,” it said.
The announcement noted that other corporate superannuation comprising CustomSuper, SuperLeader and Business Super experienced net cash outflows of $748 million – an increase of $271 million over the previous financial year with the decline in performance driven by higher outflows since the second quarter.
Recommended for you
The lower outlook for inflation has set the stage for another two rate cuts over the first half of 2026, according to Westpac.
With private asset valuations emerging as a key concern for both regulators and the broader market, Apollo Global Management has called on the corporate regulator to issue clear principles on valuation practices, including guidance on the disclosures it expects from market participants.
Institutional asset owners are largely rethinking their exposure to the US, with private markets increasingly being viewed as a strategic investment allocation, new research has shown.
Australia’s corporate regulator has been told it must quickly modernise its oversight of private markets, after being caught off guard by the complexity, size, and opacity of the asset class now dominating institutional portfolios.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
92.15 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
53.24 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
43.15 3 y p.a(%)
4
DomaCom Shoreline North Coogee
36.26 3 y p.a(%)
5
GAM LSA Private Shares AU I
35.87 3 y p.a(%)
