AMP Ltd. (AMLTF.PK, AMP.AX) reported that its third-quarter of 2024 platforms net cashflows, excluding pension payments, were A$750 million, up 76% from A$426 million last year. Flows into AMP's North platform from independent financial advisers (IFAs) increased by 47% on the third-quarter of 2023 to reach 36% of total inflows. Pension payments were A$516 million compared to A$499 million in the prior year.
Platforms Assets Under Management (AUM) for the third-quarter of 2024 increased to A$78.1 billion from A$74.7 billion in the second-quarter of 2024, supported by positive investment markets. North's managed portfolios offer continues to grow, increasing 12.3% to A$17.9 billion at the end of the quarter compared to A$15.9 billion in the second quarter of 2024.
Superannuation & Investments net cashflows,excluding pension payments, for the third quarter improved to an outflow of A$334 million, from A$619 million in the third quarter of 2023, excluding the A$4.3 billion mandate loss. This reflects resilient inflows and improved outflows, driven by the renewed focus on the member proposition. Pension payments were A$101 million compared to A$106 million in the prior year.
AMP Bank's third-quarter total loan book was A$23.0 billion compared to A$22.9 billion in the prior quarter.
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