POWERED BY MOMENTUM MEDIA
AMP’s corporate super cashflows decline
AMP Limited challenges on the corporate superannuation front have shown up on its third quarter balance sheet with net cashflows down $380 million.
The company provided Q3 net cashflows data to the Australian Securities Exchange (ASX) today revealing that total corporate superannuation net inflows for the period were $1,089 million, while cash outflows were $1,469 million.
The cashflows do not, as yet, reflect AMP Limited’s loss of the Anglican National Super mandate to Mercer or the impending loss of its Australia Post superannuation mandate.
Commenting on the cashflow data, AMP acting chief executive, Mike Wilkins described the quarter as “testing”, particularly for Australian wealth management and Australian wealth protection although he noted that AMP Capital and AMP Bank had demonstrated ongoing resilience.
Recommended for you
The superannuation industry will be judged by its member services rather than how effectively it accumulates wealth, according to Stephen Jones.
The profit-to-member super funds are officially operating as a merged entity, set to serve over half a million members.
Super Review announced 21 winners at the annual Super Fund of the Year Awards, including the recipient of the prestigious Fund of the Year Award.
A research firm has given UniSuper a glowing review, praising its strong leadership and “compact team”, as well as its “creditable governance” structure.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI Second Close
61.07 3 y p.a(%)
2
Spire Oaktree Opportunities XI First Close USD
59.21 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
32.57 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
32.09 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
27.42 3 y p.a(%)
