AMP sees strong platform growth, AUM hit by volatility

AMP has reported its 1Q26 results, showing 45% growth in Platforms net cash flows, increasing to $1.1 billion.

However net cash outflows continued for the Superannuation and Investments business, seeing $80 million in outflows - albeit this was a 26% improvement from 1Q25 which saw $108 million in outflows.

AMP chief Blair Vernon said the improvement in cashflows across Platforms and Superannuation and Investments demonstrates positive momentum, adding accelerating organic growth in the wealth business is one of his "top priorities".

"In Platforms, we are seeing the benefit of the new adviser relationships we have built over the past 12 to 24 months, with another strong quarter for cashflows," Vernon said.

"While AUM in our wealth businesses has been impacted by recent market movements, and cost of living pressures are weighing on client sentiment, the fundamental tailwinds in the sector remain strong."

AMP reported AUM of $155.9 billion across superannuation, investments and other portfolios, a marginal increase from $146.9 billion in the prior corresponding period.

The New Zealand wealth management arm saw net cashflows of $41 million, down from $57 million in 1Q25.

"In our New Zealand business, cashflows were reflective of the current market uncertainty, however we see a growing opportunity to target the retirement segment there, leveraging our retirement expertise and experience from Australia," Vernon said.

AMP Bank GO deposits rose to $942 million, up $632 million on 4Q25. AMP said deposits are now expected to exceed $1.5 billion.

"AMP Bank GO continues to scale, with strong deposit growth in the period, driven by the Qantas Frequent Flyer offer on transaction accounts and competitive GO Save rates. We are focused on achieving an appropriate mix of transaction and savings accounts, as part of our strategy to diversify our bank funding," Vernon said.