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Inflows slow at AMP North

AMP's North platform saw $400 million less in inflows in the three months to March compared to the same time last year, as financial adviser activity fell.

North's cash inflows for first quarter were $3.6 billion, compared to $4 billion in 2020 March quarter.

The platform ended March with $53.4 billion in platform assets, up $1.7 billion from the December quarter.

"We continue to improve the capabilities of North to support both AMP aligned and external financial advisers in servicing their clients and to ensure it continues to be a leading platform," AMP's outgoing chief executive Francesco De Ferrari said.

North sits under AMP Australia business which includes wealth management.

AMP Australia ended March with $125.7 billion in assets under management. This is an $1.6 billion increase and came from stronger investment markets, as the segment was in net cash outflows ($1.5 billion).

It attracted cash inflows of $5.2 billion (of which $3.6 billion was from North), and cash outflows of $6.7 billion which included the exit of a corporate super mandate and $448 million of regular pension payments.

AMP Capital ended the March quarter with $186.5 billion in assets under management, dropping 1.7% from $189.8 billion.

The 1.7% drop primarily reflected net cash outflows in the period of $2.9 billion, AMP said.

"AMP Capital external net cash outflows of $1.3 billion, driven primarily by fixed income outflows as well as planned divestment of assets in infrastructure equity closed-end funds. The divestments, reflected in cash outflows, delivered strong performance outcomes for clients."

"External net cash outflows were partially offset by continued inflows in infrastructure debt capability as investments were made, Real asset investment activity continues with committed capital of A$4.0 billion available for deployment as at 31 March 2021."

Read more: AMP AustraliaFrancesco De Ferrari