AMP posts 45% surge in Q1 platforms net cashflows

The news: Wealth manager AMP reported a 45% jump in platforms net cashflows to $1.1 billion in the first quarter, boosted by new adviser relationships and stronger managed portfolio inflows.

The numbers: Net cash outflows in AMP’s superannuation and investments segment narrowed to $80 million from $108 million in the prior corresponding period.

Its New Zealand wealth management segment saw $41 million in net inflows amid softer investor sentiment and higher pension withdrawals.

AMP Bank GO deposits climbed by $632 million quarter over quarter to $942 million, supported by transaction account growth and promotional savings rates.