Dollars keep pouring into AMP coffers
AMP has topped inflow figures for the second quarter in a row, according to Assirt market share figures released yesterday.
AMP has topped inflow figures for the second quarter in a row, according to Assirt market share figures released yesterday.
AMP reported more than a $1 billion of net inflows in the three months to December 31, nearly doubling its nearest rival Commonwealth Financial Services.
The figures cap a strong year for the funds management arm of the financial services giant which has lagged behind some of its smaller, more nimble competitors in previous years. Its Australian equities team has driven the group to the top of the performance tables which has helped drive money into its three flagship products in personal super, corporate super and annuities.
Commonwealth leads the banks in this quarter’s survey with just over $500 million in net in-flows for the quarter, almost double National Australia Bank who were in third spot in the in-flows league table. ANZ came in at number ten with just over $100 million while Westpac was conspicuously absent from the top ten performers.
Two newcomers to this quarter’s top ten were Barclays Global Investors (BGI) and JB Were. BGI’s superannuation products drove the sales increase while stock broker Were Securities was primarily responsible for the spike in JB Were’s numbers, according to Assirt.
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AMP has reported a 61 per cent rise in inflows to its platform, with net cash flow passing $1 billion for the quarter, but superannuation fell back into outflows.
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