New Zealand’s AMP Wealth Management continues to bleed outflows, but it also attracts significant cash inflows, despite the continued slump in investment performance tables.
Friday, October 22, 2021 9:28 AM
By Business Desk
Fund managers received net cash flow of A $ 39 million in the September quarter, up from A $ 13 million in the same quarter last year, which increased cash inflow by 17% to A $ 362 million. Later.
It condemned the ongoing outflow of status that one of the government’s default Kiwi Saver providers has not been updated.
AMP’s New Zealand division still manages an A $ 6.4 billion Kiwi Saver fund with a net value of A $ 40 million, down from A $ 64 million in the same three months last year.
According to the latest survey of managed funds consulting actuary Melville Jessup Weaver, AMP’s $ 921 million growth Kiwi Saver fund had the third lowest performance in the September quarter, with a return of 0.3%, but for the year. It was the 7th best performing of the 14 growth funds. It ended in September with a return of 16.8%. The highest for the year was 23.5% and the worst was 14.8%.
In the decade to September, the AMP fund performed the worst of the nine funds with an annual return of 9.5%.
The two AMP-balanced KiwiSaver funds performed the second and third worst of the 16 balance funds in the last quarter, and the conservative KiwiSaver fund performed the second worst of the seventeen.
AMP’s Australian parent company improved its A $ 1.8 billion outflow in the September quarter of last year, but suffered a net cash outflow of A $ 1.4 billion in the most recent quarter.
Nevertheless, assets under management were stable at A $ 131.2 billion, reflecting improvements in the investment market.
AMP Capital suffered an internal net cash outflow of A $ 9.6 billion, primarily reflecting the previously announced loss of A $ 9.2 billion in New Zealand’s wealth management mandate.
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AMP Wealth Management continues to drain funds
Source link AMP Wealth Management continues to drain funds