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
Super funds had a “tremendous month” in November, according to new data.
Australia faces a decade of deficits, with the sum of deficits over the next four years expected to overshoot forecasts by $21.8 billion.
APRA has raised an alarm about gaps in how superannuation trustees are managing the risks associated with unlisted assets, after releasing the findings of its latest review.
Compared to how funds were allocated to March this year, industry super funds have slightly decreased their allocation to infrastructure in the six months to September – dropping from 11 per cent to 10.6 per cent, according to the latest APRA data.
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
31.73 3 y p.a(%)
4
Fidante Credit Suisse Global Private Equity
30.15 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
26.71 3 y p.a(%)
