AMP shares soar on assets under management uplift
Make us a preferred source
Make us a preferred source on Google
More news: AMP was the top performer on the ASX 200 after the wealth manager reported a 3.8% uptick in assets under management for the September quarter.
Shares were up 11.1% to $2 at 12:25pm AEDT, extending 12-month gains to 44.3%.
AMP lifts AUM by 4% in September quarter
The news: Wealth manager AMP delivered a 3.6% quarter-on-quarter increase in total assets under management (AUM) in the September quarter amid improved cash flow.
The numbers: AMP posted total assets under management of $159.5 billion, higher than the $153.9 billion in the June quarter.
Platforms AUM increased by 4.4% from $83.2 billion to $86.9 billion quarter on quarter, with net cashflow for the business increasing from $750 million in the previous corresponding period to $1.2 billion.
Superannuation and investments AUM increased from $58.5 billion to $60.6 billion quarter on quarter, although net cash outflows for the business was $241 million. The net outflow was less than the $334 million in 3Q FY24.
New Zealand Wealth Management net cash flows were $64 million, with AUM steady at $12.2 billion. AMP Bank’s total loan book posted a quarter-on-quarter gain from $23.5 billion to $23.8 billion while total deposits rose from $20.5 billion to $20.8 billion.
The context: AMP chief executive Alexis George said the company is the first major super fund to offer cashback rewards that boost members’ super balances, leveraging rewards platform Citro. She also said that the company is “prudently” managing the loan portfolio of AMP Bank.
Recently launched features for digital bank AMP Bank GO include savings accounts in July and joint accounts earlier this month.
The source: ASX
