Finance giant AMP has released its first-quarter results, showing a substantial increase in SMSF assets under administration.
SMSF assets under administration reached $17.3 billion at the end of the quarter, an increase of $741 million from Q4 2013, according to AMP.
The first quarterly results also showed AMP SMSF had approximately 14,900 member accounts under administration.
For the fourth quarter in a row, AMP’s North investment platform has received net cash flows of $1 billion or more, driving a 72 per cent rise in the company’s wealth management business growth.
North’s assets under management grew to $10.7 billion at the end of the quarter, up 11.5 per cent from $9.6 billion at the end of the fourth quarter of 2013.
“This is a solid result for the overall business. Our contemporary products continue to perform well, our focus on Asia is starting to deliver results and the performance of our insurance business is in line with guidance,” AMP chief executive Craig Meller said.
AMP said its wealth management net cash flows for the quarter were $363 million, up 72 per cent from $211 million in Q1 2013.
“Total AUM was $101.1 billion, up from $100.5 billion at the end of Q4 2013, reflecting relatively benign investment markets over the quarter,” AMP added.
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