POWERED BY MOMENTUM MEDIA
AMP acknowledges super hit
AMP Limited has acknowledged a multi-million impact resulting from passage of the Government’s new superannuation legislation.
AMP has notified the Australian Securities Exchange (ASX) that it had completed an assessment of the legislation and the indicative operating earnings impact on AMP’s retained businesses this financial year was expected to be around $10 million after tax, with an annualised impact of $30 million after tax from 2020.
The company said these estimates were prior to a number of potential mitigants including offsetting actions to retain customers and revenue, administrative cost efficiencies and the consolidation of low balance superannuation accounts from other industry participants into AMP active accounts.
It said the earnings impact would predominantly be in the Australian wealth management business, which would be required under the legislation to transfer approximately 370,000 low balance superannuation accounts to the Australian Taxation Office (ATO).
Recommended for you
Future Group is set to take on nearly $1 billion in funds under management (FUM) and welcome more than 100,000 new members following two significant successor fund transfers.
Insignia’s Master Trust business suffered a 1.9 per cent dip in FUA in the third quarter, amid total net outflows of $1.8 billion.
While the Liberal senator has accused super funds of locking everyday Australians out of the housing market, industry advocates say the Coalition’s policy would only push home ownership further out of reach.
Australia’s largest superannuation fund has confirmed all members who had funds stolen during the recent cyber fraud crime have been reimbursed.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom DFS Mortgage
90.28 3 y p.a(%)
2
GAM LSA Private Shares AU I
37.08 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.44 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
31.12 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
28.28 3 y p.a(%)
