AMP North hits $10 billion FUA, up from $2 billion in just 3 years

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AMP’s flagship wrap platform North has hit $10 billion in Funds Under Advice (FUA), a five-fold increase since it launched as a full wrap platform with $2 billion in FUA in 2011.

AMP Director of Superannuation Patricia Montague said North’s strong growth was driven by investment in the platform features increasing its appeal to customers.

“North’s impressive growth over the last three years has been driven by the wrap platform’s real time, straight through processing and broad range of quality investments which has made it highly appealing to customers and financial advisers.

“North appeals to a wide range of customers, from those with relatively simple superannuation and insurance needs through to those with more complex investments.

“North supports customers from the early stages of life as they buy a home, raise a family and build their wealth – all the way through to retirement when they need both regular income and ongoing capital growth to ensure their nest egg lasts through their retirement,” Ms Montague said.

AMP has also just completed the migration of Summit, Generations and iAccess, which had previously used older platform technology, onto North Online, allowing those customers to benefit from North’s leading technology, increasing the speed of transactions and providing more up to date information to advisers and customers.

The migration has been one of the biggest consolidations in the platform industry with the transfer of 131,000 customers and more than $14 billion in FUA onto the North platform technology.

North was launched in 2007 as a capital guarantee solution providing customers’ security to stay invested in the market during volatile times.  It developed into a full wrap platform in April 2011 with leading technology, intuitive features and a wide range of investment options.

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