AMP’s corporate super cashflows decline

25 October 2018
| By Mike |
image
image
expand image

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.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest developments in Super Review! Anytime, Anywhere!

Grant Banner

From my perspective, 40- 50% of people are likely going to be deeply unhappy about how long they actually live. ...

1 year 3 months ago
Kevin Gorman

Super director remuneration ...

1 year 3 months ago
Anthony Asher

No doubt true, but most of it is still because over 45’s have been upgrading their houses with 30 year mortgages. Money ...

1 year 3 months ago

Shadow treasurer Angus Taylor has vowed to slash red tape and introduce a suite of financial services reforms aimed at transforming Australia into a leading financial hub...

20 hours ago

Deglobalisation is emerging as a major driver of infrastructure debt opportunities as regions onshore vital industries, a superannuation fund-owned manager has said....

20 hours ago

Australian superannuation funds are grappling with heightened global instability, as US policy shifts create a volatile backdrop for investment strategies....

20 hours ago

TOP PERFORMING FUNDS