Wealth manager AMP Ltd
(ASX:AMP) has attributed improved market conditions and investor sentiment to a 12% rise in third quarter net cashflows.
The company’s financial services unit experienced higher inflows and outflows than in the same period a year before and net cashflows reached $236 million.
Excluding the impact of corporate superannuation mandate wins, cashflows increased by 30% for the three months to March 31.
Managing director for financial services Craig Meller says employer contributions remained resilient and were recovered by investment product cashflows.
Net cashflows for retail superannuation and allocated pensions were down 13% during the March quarter as higher levels of assets under management led to outflows.
Higher member contributions and roll-overs drove third quarter cash inflows up 27%.
Meanwhile, CEO Craig Dunn says there is still a long way to go in its pursuit of takeover target AXA Asia Pacific Holdings.
Mr Dunn says it will seek support from AXA’s board and shareholders for AMP’s proposal and has reiterated that the acquisition would accelerate AMP’s growth strategy.
AMP booked a profit of $739 million in 2009.
