POWERED BY MOMENTUM MEDIA
Mixed fortunes for AMP Corporate Super
AMP Limited's corporate superannuation business has suffered mixed fortunes, according to the company's latest announcement to the Australian Securities Exchange.
The AMP announcement, dealing with first quarter cashflows, revealed that corporate superannuation net cashflows were $5 million in the most recent quarter, compared to $92 million for the same period a year earlier.
It said this was mainly due to a mandate loss and increased outflows from other corporate superannuation products closed to new mandates.
It noted, however, that during the first quarter, AMP's corporate superannuation business successfully tendered for nine new SME mandates which it said would "benefit future quarters as they transition".
The AMP ASX announcement also revealed the degree to which the company's acquisition of AXA Asia Pacific was continuing to pay dividends for the company, with AXA's North Platform being a key driver for a solid increase in first quarter cashflows.
The company reported that net cashflows for the quarter were up 72 per cent to $363 million, with total assets under management (AUM) sitting at $101.1 billion.
Recommended for you
Governor Michele Bullock took a more hawkish stance on Tuesday, raising concerns over Donald Trump’s escalating tariffs, which sent economists in different directions with their predictions.
Equity Trustees has announced the appointment of Jocelyn Furlan to the Superannuation Limited (ETSL) and HTFS Nominees Pty Ltd (HTFS) boards, which have oversight of one of the companies’ fastest growing trustee services.
Following growing criticism of the superannuation industry’s influence on capital markets and its increasing exposure to private assets, as well as regulators’ concerns about potential risks to financial stability, ASFA has released new research pushing back on these narratives.
A US-based infrastructure specialist has welcomed the $93 billion fund as a cornerstone investor.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Global X GlobalX FANG+ ETF
33.51 3 y p.a(%)
2
Spire Oaktree Opportunities XI Second Close
32.68 3 y p.a(%)
3
DomaCom Lot 21 Chellaston Road Munno Para West SA 5115 Australia
31.62 3 y p.a(%)
4
Spire Oaktree Opportunities XI First Close USD
31.36 3 y p.a(%)
5
Fidante Credit Suisse Global Private Equity
29.60 3 y p.a(%)
