AMP Limited’s acquisition of AXA Asia Pacific and its North wrap platform is continuing to pay dividends with the company announcing that it had reached $10 billion in Funds Under Advice (FUA).
At the same time, AMP announced it had completed the migration of Summit, Generations and iAccess customers onto North Online, in what it regarded as one of the biggest consolidations in the recent history of the platform industry.
It said this had involved 131,000 customers and more than $14 billion in FUM moving onto North.
AMP director of superannuation Patricia Montague said North’s strong growth was driven by investment in the platform’s features increasing its appeal to customers.
Montague said the migration of the Summit, Generations and iAccess customers from older platform technology onto North Online would allow them to benefit from North’s technology, increasing the speed of transactions and providing more up-to-date information to advisers and customers.
