AMP has announced the results of its SMSF business, SuperConcepts, for the first quarter of this year.
Assets under administration for SuperConcepts decreased by $566 million in the first quarter of 2016 compared to the previous quarter.
This represents a three per cent drop since the fourth quarter of 2015, where assets under administration stood at $18.2 billion.
AMP said that across administration and software services, SuperConcepts added approximately 400 funds during the first quarter of 2016, and now supports approximately 38,400 SMSFs, of which 42 per cent are funds under administration.
“In addition, a large administration deal was completed in the quarter, with approximately 1,300 funds yet to transition to SuperConcepts,” AMP said.
AMP also reported Australian wealth management net cash flows were $209 million during the quarter, down from $342 million in the first quarter of 2015.
“Cash flows were impacted by weaker investor confidence, ongoing market volatility and advisers adjusting to an enhanced regulatory environment,” AMP said.
On the results overall, AMP’s chief executive Craig Meller said domestic and global investment conditions were a challenge during the first quarter, which had an impact on cash flow.
“Volatility continues to be a feature in Australian wealth protection. Despite these challenges, we remain confident in the overall long-term outlook for AMP,” he said.
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