AMP set for strong start to 2008
AMP Financial Services is set to make a strong start to 2008 on the back of a number of new corporate superannuation mandates.
The company has flagged its strong position after announcing to the Australian Stock Exchange last week that inflows had increased by 143 per cent during the September quarter, with net inflows up 37 per cent.
As was to be expected, the driver for the strong inflows was retail superannuation, which the company said had experienced a 77 per cent increase in inflows to $1,601 million, while flows had risen to $2,196 million for the quarter.
It said, however, that 70 per cent of these flows had been retained by AMP.
Looking over the horizon, AMP Financial Services managing director Craig Meller said he expected a strong finish to 2007 for corporate superannuation, with new mandate wins worth around $80 million expected to transition in the fourth quarter.
He said that around $170 million in mandate wins were expected to transition in the first half of next year, primarily in the second quarter.
AUTHOR
Mike Taylor
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