North platform underpins AMP flows
AMP Limited's acquisition of AXA Asia Pacific is continuing to pay dividends for the company, with AXA's North Platform being a key driver for a solid increase in first quarter cashflows reported to the Australian Securities Exchange (ASX) today.
The company reported that net cashflows for the quarter were up 72 per cent to $363 million with total assets under management (AUM) sitting at $101.1 billion.
AMP chief executive Craig Meller said the North platform had been a key driver for growth with $1 billion in net cashflows for the quarter — the fourth consecutive quarter during which cashflows had been $1 billion.
He noted that 60 per cent of North's cashflows were externally sourced and that a number of legacy platforms had been migrated onto the North technology.
Looking at the broader Wealth Management division, the announcement referenced "relatively benign investment markets" over the quarter.
The AMP announcement also pointed to the fact that its self-managed superannuation funds (SMSF) business was continuing to gain traction, with SMSF assets under administration growing to $17.3 billion to the end of the quarter.
It said AMP Capital's cashflows had been assisted by its strategic partnerships with China Life and MUTB of Japan.
The announcement said AMP had net cashflows of $338 million for the quarter, comprising external net cashflows of $802 million and internal net cashflows of $464 million.
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