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Corporate super shines again for AMP
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| Craig Meller
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Corporate superannuation has again proven to be a standout performer for AMP Financial Services (AMPFS) with the superannuation guarantee emerging as the mainstay of cash flows during the March quarter.
AMPFS issued a first quarter report on the Australian Securities Exchange this week which underlined the importance of corporate super while at the same time revealing that AMP Financial Planning net cash flows took a 74 per cent hit to be down to $41 million.
The report, covering the first three months to March 31, revealed that total AMP Financial Services net cash flows had increased by $81 million to $210 million, compared to $129 million in the corresponding period.
AMP Financial Services managing director Craig Meller said while subdued investor confidence continued to impact discretionary contributions, cash flows from employer contributions remained resilient.
He said despite the challenging environment, AMP had continued to develop and diversify its cash flow.
Meller said AMP Corporate Super had recorded a $28 million mandate win, while a new external platform product called Definitive Wrap had contributed $35 million and contemporary wealth protection net cash flows had increased 27 per cent to $117 million in the quarter.
In comparison to the good news on corporate superannuation, AMP said retail superannuation and allocated pensions were down 56 per cent to $115 million, reflecting lower rollovers and member contributions.
AUTHOR
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