AMP posts 83% cashflow decline
AMP Financial Services has endured a torrid first quarter, with the company’s total net cashflow down 83% to $129 million.
MD Craig Meller attributes the results to “market volatility” and seasonal fluctuations.
But AMP’s NZ operations bucked the trend, delivering a 21% increase in inflows to $196 million on the back of the KiwiSaver scheme. NZ net cashflow lifted to $40 million from $7 million.
AMP is one of six scheme providers authorised by the NZ Government as part of the recently introduced voluntary work-based KiwiSaver superannuation initiative.
MD Craig Meller attributes the results to “market volatility” and seasonal fluctuations.
But AMP’s NZ operations bucked the trend, delivering a 21% increase in inflows to $196 million on the back of the KiwiSaver scheme. NZ net cashflow lifted to $40 million from $7 million.
AMP is one of six scheme providers authorised by the NZ Government as part of the recently introduced voluntary work-based KiwiSaver superannuation initiative.