AMP Limited challenges on the corporate superannuation front have shown up on its third quarter balance sheet with net cashflows down $380 million.
The company provided Q3 net cashflows data to the Australian Securities Exchange (ASX) today revealing that total corporate superannuation net inflows for the period were $1,089 million, while cash outflows were $1,469 million.
The cashflows do not, as yet, reflect AMP Limited’s loss of the Anglican National Super mandate to Mercer or the impending loss of its Australia Post superannuation mandate.
Commenting on the cashflow data, AMP acting chief executive, Mike Wilkins described the quarter as “testing”, particularly for Australian wealth management and Australian wealth protection although he noted that AMP Capital and AMP Bank had demonstrated ongoing resilience.
Amid a challenging market environment, three super fund CIOs have warned against ‘jumping at shadows’.
The professional body is calling for the annual performance test to transition to a two-metric test, so it better aligns with the overarching duty of super fund trustees to act in the best financial interests of their members.
AustralianSuper, Rest, and HESTA agree on the need to retain and enhance the test, yet they differ in their perspectives on the specific areas that warrant further refinement.
Australia’s second-largest super fund has confirmed it is expanding its presence in the UK following significant investment in the region.
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