|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, May 17th, 6:37PM


Investment News

AMP Wealth management continues to bleed funds

AMP Wealth Management in New Zealand continues to bleed funds outflows but it is also attracting sizeable cash inflows, despite continuing to languish in investment performance tables.

Friday, October 22nd 2021, 9:28AM

by BusinessDesk

The fund manager suffered net cash outflows of A$39 million in the September quarter, up from A$13m in the same quarter last year, but that was after a 17% increase in cash inflows to A$362m.

It blamed the continued outflow on its status as one of the government's default KiwiSaver providers not being renewed.

AMP's NZ arm still has A$6.4 billion in KiwiSaver funds under management with a net A$40m of new funds, down from A$64m in the same three months last year.

According to the latest survey of managed funds by consulting actuaries Melville Jessup Weaver, AMP's $921m growth KiwiSaver fund was the third worst performer in the September quarter with a 0.3% return, although the seventh-best performer out of 14 growth funds over the year ended September with a 16.8% return – the best over the year achieved 23.5% while the worst was 14.8%.

Over the 10 years ended September, the AMP fund was the worst performer out of nine funds with a 9.5% annual return.

Two AMP balanced KiwiSaver funds were second and third-worst performers out of 16 balanced funds in the latest quarter and its conservative KiwiSaver fund was the second worst performer out of 17.

AMP's Australian parent suffered net cash outflows of A$1.4b in the latest quarter, although that was an improvement on the A$1.8b outflow in the September quarter last year.

Nevertheless, its assets under management were steady at A$131.2b, reflecting improved investment markets.

AMP Capital suffered internal net cash outflows of A$9.6b, largely reflecting the previously announced loss of the NZ wealth management mandate of A$9.2b.

« Britannia needs you - a solid opportunity for advisersHow global supply chain disruptions have caught out central banks in 2021. »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment



Printable version  


Email to a friend

Good Returns Investment Centre is brought to you by:

Subscribe Now

Keep up to date with the latest investment news
Subscribe to our newsletter today

Edison Investment Research
  • Henderson Opportunities Trust
    15 May 2024
    A differentiated exposure to smaller companies
    With a focus on long-term growth, Henderson Opportunities Trust (HOT) seeks investment opportunities across the breadth of the UK market. This includes...
  • Finsbury Growth & Income Trust
    14 May 2024
    Train puts his money where his mouth is
    Finsbury Growth & Income Trust (FGT) has been managed by Lindsell Train since the beginning of 2001. During his long tenure, approaching a quarter of a...
  • Baker Steel Resources Trust
    14 May 2024
    Potential to generate a 20%+ yield
    Baker Steel Resources Trust (BSRT) offers the potential for regular dividend and royalty income, as well as realisation proceeds, from its maturing portfolio...
© 2024 Edison Investment Research.

View more research papers »

Today's Best Bank Rates
Rabobank 5.25  
Based on a $50,000 deposit
More Rates »
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
Site by Web Developer and