AMP has reported an increase in assets under management (AUM) for its wealth management business in the first quarter of 2015.
In a statement to the ASX yesterday, AMP said its total AUM for its wealth business for the quarter reached $116.1 billion, an increase of six per cent from $109.5 billion at the end of the fourth quarter of 2014.
“[First quarter] flows were partially impacted by AMP’s successful deeming campaign in [the fourth quarter of 2014], which reduced external cash inflows into AMP’s retirement income products and reduced the level of transition of customers from closed to open products during the quarter,” the statement said.
AMP also added that net cash flows for the quarter were $342 million, down six per cent from $363 million in the previous corresponding period.
“This was largely due to a $54 million increase in net cash outflows from external platforms to $296 million in [the first quarter of 2015],” the statement said.
“Retail net cash flows onto AMP platforms increased 10 per cent to $661 million in [the first quarter 2015] from $600 million in Q1 14.”
The financial services provider also reported AMP Capital had net cash flows for the first quarter of $873 million, comprising external net cash inflows of $1,643 million for the quarter and internal net cash outflows of $770 million.
“A number of large domestic external mandate wins contributed to the strong Q1 15 flows for AMP Capital. Key wins were across both fixed income and infrastructure asset classes,” the statement said.
“AMP’s strategic partnership with MUTB in Japan again delivered strong flows, as did other distribution partnerships in Japan across a number of asset classes.
“During the quarter the MUTB partnership delivered net flows in the order of $300 million. The China Life AMP Asset Management Company (CLAMP) also contributed to the external net cash inflows in the first quarter, with four new funds launched over the period,” the statement said.
Former CEO of ING Direct Vaughn Richtor will assume the role of chairman at MyState following the retirement of Miles Hampton, the compan...