AMP super and investments business see more outflows

AMP's superannuation and investments business saw $108 million in net cash outflows in Q1, but still a significant reduction from $371 million in Q124.

"Cashflows for the superannuation and investments business continued to progress towards positive flows with another quarter of reduced outflows," AMP chief executive Alexis George said.

"This has been driven by our solid offer for AMP super through low fees, strong investment performance and a competitive insurance offer helping to drive retention."

The wealth manager's platform business saw net cashflows of $740 million, up from $201 million in the prior corresponding period.

"We have seen the positive momentum in cashflows across our platforms business continue with another strong quarter, which reflects our focus on making North a preferred platform for advisers," George said.

"Significant volatility in investment markets impacted total AUM, however, we are not allowing ourselves to be distracted by the market instability and we remain focused on delivering for customers."

AMP's platform business saw total AUM drop from $78.1 billion to $77.3 billion - $1.17 billion of which was a result of market movements, partially offset by the $740 million in net cashflows.

George said AMP is continuing to introduce new feature, functionality and support for North to help advisers better service their clients. George said, as a result, adviser numbers have grown.

"We continue to deliver on our vision, to be the place where people come to plan for the next phase of their lives, with innovative products and solutions that help Australians retire with confidence," George said.

"We are doing this by supporting advisers, delivering value to our superannuation members and executing on our new digital bank, all of which will drive AMP's growth."