POWERED BY MOMENTUM MEDIA
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.
Recommended for you
The two funds have announced the signing of a non-binding MOU to explore a potential merger.
The board must shift its focus from managing inflation to stimulating the economy with the trimmed mean inflation figure edging closer to the 2.5 per cent target, economists have said.
ASIC chair Joe Longo says superannuation trustees must do more to protect members from misconduct and high-risk schemes.
Super fund mergers are rising, but poor planning during successor fund transfers has left members and employers exposed to serious risks.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
88.01 3 y p.a(%)
2
Global X 21Shares Bitcoin ETF
72.60 3 y p.a(%)
3
Global X GlobalX FANG+ ETF
44.46 3 y p.a(%)
4
Pengana High Conviction Equities B
39.12 3 y p.a(%)
5
Pengana High Conviction Equities A
39.05 3 y p.a(%)
