Super changes impacts AMP’s net cash flow
AMP’s Australian wealth management reported net cash outflow of $243 million in the third quarter 2017 compared to net cash outflows of $327 million in Q3 16, reflecting the 1 July changes to non-concessional superannuation caps.
In its Q3 17 cashflows update, the group said the Q3 17 cash flow result reflected high levels of discretionary super contributions brought forward into Q2 17 ahead of the changes.
Total Australian wealth management assets under management (AUM) increased $211 million to $125.3 billion, reflecting positive investment returns.
AMP’s North platform posted Q3 17 net cashflows of $1.3 billion, increasing 13 per cent from $1.14 billion in Q3 16. The group said wealth management “other revenue” was on target to deliver 10 per cent growth from advice and self-managed superannuation funds (SMSF) in the financial year of 2017.
AMP’s SMSF business, SuperConcepts added approximately 1,475 funds across administration and software services during Q3 17. As at 30 September, it supported a total of 57,779 funds.
AMP Capital’s AUM increased from $178.9 billion at the end of Q2 17 to $180.6 billion in Q3 17.
AMP Capital’s share of China Life AMP Asset Management contributed net cashflows of $682 million in Q3 17, taking net cashflows from the first three quarters of the year to more than $1.4 billion.
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