AMP distribution faces tough first quarter
AMP-aligned dealer groups appear to have faced a tough period, with all bar one reporting negative cash-flows in the first quarter of 2012.
According to the report released by AMP to the Australian Securities Exchange, Charter Financial Planning was the only dealer group with positive results, having reported $17 million in net flows in Q1.
The biggest surprise was AMP Financial Planning, which reported -$41 million in net flows, compared to $49 million same time last year.
The biggest money-maker for AMP with respect to distribution was its direct channel, which includes corporate superannuation.
AMP also reported -$292 million of net flows for its overall wealth management business, including platforms, superannuation and risk.
The results "reflected continued uncertainty and subdued investor sentiment", the company said, but it maintained these products had "strong cash-flows despite challenging conditions".
Recommended for you
Australian fund managers are actively seeking to launch Cayman versions of their funds to attract offshore flows, with Regal Partners set to launch its latest offering this month.
As private markets gain traction in Australia but only a limited pool of talent is available, three recruiters explore whether fund managers should consider looking overseas to find top talent.
With an explosion of private credit managers appearing in the market, two alternatives experts believe a consolidation is needed to maintain the quality of the sector.
Bentham Asset Management has become the latest fund manager to expand its distribution team as it reports increased interest in its credit strategies.
