AMP SMSF admin accounts see decline
The number of customer accounts held under administration by AMP SMSF declined in the first quarter of this year, despite an increase in assets, according to AMP.
An AMP update on first quarter cash flows, assets under management (AUM) and wealth protection indicated total AMP SMSF customer accounts under administration fell from 15,462 at the end of December of 2014 to 15,181 at the end of March this year.
AMP SMSF assets under administration increased, however, jumping $809 million from the end of the fourth quarter last year to $19.7 billion at the end of the first quarter of 2015.
During the first quarter, AMP’s wrap platform, North, also saw a 7 per cent drop in net cash flows, which fell from $1 billion at 31 March 2014 to $926 million at the end of March this year.
North experienced growth in assets under management, however, with AUM increasing from $16 billion at the end of the fourth quarter in 2014 to $17.8 billion at the end of the first quarter of this year.
Total assets under management for AMP’s Australian wealth management businesses rose 6 per cent, from $109.5 billion at 31 December 2014 to $113.4 billion at 31 March 2015.
AMP chief executive Craig Meller said cash flows across the business were encouraging, particularly in the case of the North wrap platform.
“Our focus on Asia continues to deliver results and the insurance business remains in line with guidance,” Mr Meller said.
Miranda Brownlee is the deputy editor of SMSF Adviser, which is the leading source of news, strategy and educational content for professionals working in the SMSF sector.
Since joining the team in 2014, Miranda has been responsible for breaking some of the biggest superannuation stories in Australia, and has reported extensively on technical strategy and legislative updates. Miranda has also directed SMSF Adviser's print publication for several years.
Miranda also has broad business and financial services reporting experience, having written for titles including Investor Daily, ifa and Accountants Daily.