AMP’s giant master trust business has regained its crown at the top of the master trust inflow ladder.
According to the latest Assirt market share figures, nearly half a billion dollars flowed into the AMP Financial Services master trust coffers. Flexiplan followed bringing in $448 million, while fellow National Australia subsidiary National Australia Financial Management was positioned third bringing in a net $425 million in the three months to September 30.
The inflows cemented AMP’s position at the top of the master trust league table with more than $13 billion in funds under administration, a large step up from the next biggest master trust manager, Asgard, which manages more than $8 billion. Or seen in terms of market share, AMP has a 24 per cent slice, whereas Asgard has 14 per cent and Norwich’s Navigator has built itself up to 10 per cent.
Thanks to its army of more than 2000 advisers feeding new business into the master trust, AMP Financial Services grew funds under administration by almost 8 per cent on the previous quarter.
Assirt associate director Anthony Serhan says in addition to its distribution advantage, other factors came into play for AMP in the September quarter.
“AMP had a lot of trusts consolidated into one at the beginning of 2000, which really began to have effect by the September quarter,” he says.
Serhan also says that it’s a safe bet that the recent boom for AMP is driven by its in-house advisers, who have had success in taking master trusts direct to the corporate superannuation market.
