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Over half of AMP's Australian wealth management net outflows decreased

Skylar Williams

Oct 21, 2022 14:22

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Friday, AMP Ltd announced that its Australian wealth management unit's third-quarter net outflows were more than halved due to increased inflows into its main online investment platform, North, and decreased withdrawals at its pension trusts.


AMP (OTC:AMLTF) has seen chronic outflows after a government-backed investigation found a litany of flaws that the 173-year-old corporation has been striving to overcome in order to regain public trust.


"We've seen a reduction in cash outflows to other superannuation funds, and we're acquiring new customers on our North platform, which has led to an increase in cash flows from independent financial advisers," said AMP CEO Alexis George.


During the quarter, the North platform generated $774 million in inflows, while Master Trust outflows declined from $1.59 billion to $819 million.


According to the company's annual report published in March of this year, Master Trust offers about 850,000 consumers the largest single retail superannuation product set in Australia.


In the three months leading up to September, the major wealth management division of AMP saw net cash outflows of A$0.8 billion ($502.40 million), compared to A$1.9 billion in the same period of the previous year.


Due to a drop in investment markets and continued cash withdrawals, the unit's assets under management decreased by A$3.7 billion to A$121.4 billion.


AMP reported that its banking unit's net interest margins remained on track to exceed the annual target range of 135 to 140 basis points (bps).

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