Self-managed super growth lifts AMP cash flow

Wealth manager AMP has increased its cash flows in the third quarter of calendar 2012 due to growth in self-managed superannuation funds.

AMP said it had a net cashflow of $605 million in the three months to September 30, which compared to a net cash outflow of $335 million in the same period in 2011.

A key driver behind that was an increase in self-managed super funds, where cash flows of $209 million were up from $40 million in the previous corresponding period.

Cash flow from AMP's North wrap platform, which enables investments including pensions, shares and life assurance to be held in one account, was also higher than in the same period the previous year.

AMP increased the assets under management in its contemporary wealth management operations, which at September 30 stood at $94.2 billion, up 14 per cent from three months earlier.