AMP’s Platforms business delivered A$1.5 billion in third-quarter net cashflows, up 20% year on year, while total wealth AUM reached A$168 billion. The update also showed improving superannuation flows, stronger New Zealand inflows and a buyback now halfway complete, although AMP Bank continued to shrink.
- Platforms net cashflows rise 20% to A$1.5 billion
- North AUM reaches A$93.6 billion, with Managed Portfolios at A$29.5 billion
- Superannuation and Investments outflows improve to A$138 million
- New Zealand Wealth Management net cashflows increase to A$100 million
- A$75 million of the A$150 million buyback completed
North drives AMP’s strongest cashflow engine
AMP Limited (ASX:AMP) is continuing to pull money into its wealth platforms, with third-quarter Platforms net cashflows rising 20% to A$1.5 billion. The result, which excludes pension payments, lifted Platforms AUM to A$93.6 billion and extends the momentum reported in AMP’s first-quarter Platforms jump.
North accounted for the quarter’s Platforms net cashflows, recording A$1.455 billion. Its AUM increased from A$92.7 billion at the end of the second quarter, while North Managed Portfolios grew from A$28.3 billion to A$29.5 billion. Pension payments were A$651 million, up from A$583 million a year earlier, but remain separately excluded from the cashflow measure.
Superannuation outflows narrow while employer mandate adds a catalyst
AMP’s Superannuation and Investments division remained in net outflow, but the gap narrowed materially to A$138 million from A$241 million in the third quarter of 2025. Inflows rose to A$1.208 billion, while outflows increased to A$1.346 billion. AUM edged up to A$62.7 billion, helped by positive market movements that partly offset net outflows and A$109 million of pension payments.
The company also said it had won an employer superannuation mandate that it expects to begin implementing in the first quarter of 2027. AMP did not disclose the mandate’s financial terms, so its eventual contribution to flows or earnings cannot yet be assessed. The announcement nevertheless gives the division a specific implementation milestone after a quarter in which employer superannuation remained in net outflow of A$87 million.
New Zealand inflows improve as AMP Bank contracts
New Zealand Wealth Management delivered A$100 million of net cashflows, up from A$64 million a year earlier. KiwiSaver net cashflows reached A$77 million, with AMP pointing to higher voluntary contribution rates that took effect on 1 April 2026. Total New Zealand AUM was A$12.1 billion, slightly below the previous quarter after foreign exchange effects.
The wealth progress sits alongside a deliberate retrenchment in AMP Bank. Total deposits fell to A$17.6 billion from A$17.8 billion in the second quarter, while the mortgage book declined to A$23.2 billion from A$23.6 billion. AMP said it remains focused on balance-sheet optimisation and capital efficiency, with targeted capital-relief transactions still subject to market conditions.
Buyback reaches halfway point as capital strategy continues
AMP has completed A$75 million of its A$150 million on-market share buyback, following the March buyback launch. The company said returning capital to shareholders and releasing capital from AMP Bank remain priorities, but the update provided no new earnings guidance or profit figure.
The next read-through will come from whether Platforms’ stronger cashflows persist beyond a single quarter, and whether the employer mandate begins contributing in 2027. The AI implementation tool remains in pilot phase, with a North rollout expected in the fourth quarter of 2026, leaving execution of the platform upgrades and the unresolved AMP Bank capital-relief transactions as the key moving parts.
Bottom Line?
AMP’s wealth inflows are improving, but the investment case still depends on converting platform momentum into durable earnings while extracting capital from AMP Bank.
Questions in the middle?
- Can North sustain its elevated cashflow growth as AMP expands its adviser technology offering?
- What scale of flows and earnings will the employer superannuation mandate contribute when implementation begins in 1Q 27?
- Will AMP secure the targeted AMP Bank capital-relief transactions on acceptable terms?