The SuperConcepts AUA figure includes AMP SMSF, Multiport, Cavendish, SuperIQ, yourSMSF, Justsuper, Ascend and SuperConcepts platforms.

However, the figure did not factor in Multiport Annual, SuperConcepts Accountants Outsource, SMSF Managers and MORE Superannuation.

An AMP spokesperson said the SuperConcepts result “was primarily driven by weaker investment markets”.

Elsewhere, AMP’s assets under management (AUM) reduced to $116.3 billion as at 31 March 2020, a decrease from $134.5 billion in the fourth quarter of 2019.

AMP noted that it primarily reflected COVID-19-related market movements. It said the average AUM in the first quarter of 2020 was $131.3 billion.

AMP said its Australian wealth management net cash outflows of A$1.9 billion included outflows of A$430 million from a number of exiting corporate super mandates and A$205 million from the impacts of Protecting Your Super legislation.

Excluding these impacts, Australian wealth management net cash outflows are at A$1.3 billion, AMP said.

Further, AMP’s Australian wealth management cash inflows increased by A$1.1 billion (24 per cent), which it said was largely due to strong inflows into its North platform.

“Markets in Q1 were extremely volatile particularly in March, with significant falls in equities, fixed income and key commodities impacting our assets under management,” said AMP chief executive Francesco De Ferrari.

“We have seen some recovery since the quarter-end, but expect market volatility to continue and the economic impact of the pandemic to emerge over the remainder of the year.”

Editor's Note: This story originally ran under the headline 'SuperConcepts business tumbles in March quarter'. SuperConcepts chief executive Lara Bourguignon has also provided a response to the article, below:

"Assets Under Management in an SMSF are constantly fluctuating based on the investment strategies of trustees and the general market conditions and measuring the success or otherwise of an SMSF business on AUM is unhelpful and generally irrelevant.

"We are seeing the effects of COVID-19 on trustee portfolios reflected in these quarterly figures, with many SMSF owners either in pension phase and suffering from turmoil in the property and share markets, or as small business owners struggling with those dramatically changed conditions.

"We have adapted our business promptly to the current environment and are doing everything that we can to support our clients through this period including being ready to accept applications for early release of super and reduction of minimum pensions.”