tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Sunday, November 24th, 7:23PM

Investments

rss
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

 

print

Printable version  

print

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
  • VietNam Holding
    21 November 2024
    First redemption tender a success
    VietNam Holding (VNH) delivered a 27.3% net asset value (NAV) per share total return over the last 12 months (ending 31 October) in sterling terms. The...
  • Murray Income Trust
    20 November 2024
    Income focus keeps paying dividends
    Murray Income Trust (MUT) invests in high-quality, mainly UK-listed stocks. MUT’s manager, Charles Luke, believes quality stocks are best placed...
  • Apax Global Alpha
    15 November 2024
    Transaction activity picked up in Q324
    Apax Global Alpha (AGA) reported a Q324 NAV total return (TR) of 1.7% in euro terms on a constant currency basis (-0.2% including fx changes), with a 3...
© 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 eyelovedesign.com