AMP +9.77%: released a strong second quarter result highlighting continued platform growth.
- Platform assets under management $83.2b, +5.6% QoQ
- 2Q platform net cash flows $1.565b, +63.2% YoY
- New Zealand Wealth Management net cash flows $40m vs $11m YoY
AMP’s turnaround is gaining traction, with improved inflows and product enhancements to their platform business, including a compelling managed account offering, benefitting from the same structural tailwinds fueling growth in HUB24 (HUB) and Netwealth (NWL).
With net flows returning to positive territory for the first time since the 2017 Royal Commission, the business has a solid foundation to grow.
MM is bullish toward AMP
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