AMP distribution faces tough first quarter
AMP-aligned dealer groups appear to have faced a tough period, with all bar one reporting negative cash-flows in the first quarter of 2012.
According to the report released by AMP to the Australian Securities Exchange, Charter Financial Planning was the only dealer group with positive results, having reported $17 million in net flows in Q1.
The biggest surprise was AMP Financial Planning, which reported -$41 million in net flows, compared to $49 million same time last year.
The biggest money-maker for AMP with respect to distribution was its direct channel, which includes corporate superannuation.
AMP also reported -$292 million of net flows for its overall wealth management business, including platforms, superannuation and risk.
The results "reflected continued uncertainty and subdued investor sentiment", the company said, but it maintained these products had "strong cash-flows despite challenging conditions".
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Staff Writer
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