AMP hits $25 billion in FUM
Only 10 months after its launch, AMP's flagship wrap program, MyNorth is reaching $4.4 billion in funds under management (FUM), part of a total of $25 billion in FUM collectively with wrap product, North.
AMP director of superannuation, Patricia Montague, said sophisticated user experience interface and competitive pricing were the catalysts for the fast success of MyNorth.
"MyNorth caters to customers with a broad range of investment needs… our focus remains on how our platforms support adviser efficiency," she said.
"[It's] offering them more flexibility and control so they can continue to implement the strategies they choose, whatever their advice model."
Montague said improved account reporting and tablet compatibility had also helped boost the popularity of the wrap product, which could cater for complex portfolios as well as basic requirements.
Recommended for you
Perpetual has seen AUM rise 6 per cent in the last quarter but the departure of a longstanding JOHCM fund manager led to outflows of $2.2 billion from his strategy.
In the latest Meet the Manager profile, Money Management speaks with Michael Skinner, founder and managing director at Blackwattle Investment Partners.
Global fixed income fund Bentham Global Opportunities has been added to several major platforms, enabling it to be accessed more easily by financial advisers.
Following yesterday’s news about First Sentier Investors closing four investment teams, a second global asset manager has announced it is closing its only dedicated Australian fund.
