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AMP Capital reports strong results
AMP Capital has reported strong growth in the first half of 2012, with an increase in both profit and assets under management (AUM) from the challenging second half of 2011.
The firm's underlying operating profit after income tax for the first half of 2012 was $48 million - an increase of $7 million on the prior six-month period.
Furthermore, AMP Capital grew its AUM by around $300 million to $123.3 billion, which the company said was mostly due to positive investment returns, but was largely offset by negative net cashflows.
Its AUM includes $4 billion of AXA's assets managed by Alliance Bernstein and another $6.7 billion which transitioned to AMP Capital over the past 12 months.
"It is expected that during the second half of 2012 asset management for a further $2 billion of AUM will transition to AMP Capital," the company stated in an announcement released to the Australian Stock Exchange. "The transfer of investment management services to AMP Capital will continue to reduce external investment manager costs."
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