Mixed fortunes for AMP Corporate Super
AMP Limited's corporate superannuation business has suffered mixed fortunes, according to the company's latest announcement to the Australian Securities Exchange.
The AMP announcement, dealing with first quarter cashflows, revealed that corporate superannuation net cashflows were $5 million in the most recent quarter, compared to $92 million for the same period a year earlier.
It said this was mainly due to a mandate loss and increased outflows from other corporate superannuation products closed to new mandates.
It noted, however, that during the first quarter, AMP's corporate superannuation business successfully tendered for nine new SME mandates which it said would "benefit future quarters as they transition".
The AMP ASX announcement also revealed the degree to which the company's acquisition of AXA Asia Pacific was continuing to pay dividends for the company, with AXA's North Platform being a key driver for a solid increase in first quarter cashflows.
The company reported that net cashflows for the quarter were up 72 per cent to $363 million, with total assets under management (AUM) sitting at $101.1 billion.
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