AMP SMSF reports growth of $572m
After its managing director recently announced a new “strategic direction”, AMP’s SMSF business has reported an increase of $572 million of assets under administration in the last quarter.
AMP SMSF announced late last week that its assets under administration were $18.5 billion as at 30 September 2014.
At the third quarter, AMP SMSF had 15,491 member accounts under administration, including SuperIQ, up from 15,173 at the end of the second quarter.
This follows AMP SMSF’s managing director, Natasha Fenech, telling SMF Adviser that the businesses has “refreshed” its strategy since her appointment, including a focus on organic growth.
“Our growth in AMP SMSF assets under administration is largely attributed to an organic increase in new AMP SMSF customers over the [third] quarter. We’ve also seen an increase in the amount of assets held by our existing SMSF trustees,” an AMP spokesperson told SMSF Adviser.
“We anticipate the SMSF market will continue to grow over the next 12 months. AMP SMSF is well-positioned to serve the growing market and expand the business.”
AMP also reported its North investment platform recorded its highest quarterly cash flow of $1.5 billion, its sixth consecutive quarter of net cash flows of $1 billion or more.
However, the large net inflows into North were offset by net outflows from AMP's other retail platforms – including its Flexible Lifetime superannuation and pension product.
AMP also said its corporate superannuation net cash flows were $16 million in the third quarter of 2014, compared to a net cash outflow of $52 million for the third quarter in 2013 where “Q3 13 included a mandate loss of $60 million”.