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.
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.