)
Wealth management giant AMP Limited (ASX: AMP) has reported a 45 per cent surge in Platforms net cashflows to $1.1 billion for the first quarter of FY26, up from $740 million in the prior corresponding period, as new chief executive Blair Vernon moves to accelerate organic growth and return capital to shareholders through a $150 million on-market share buyback.
The quarterly update, released alongside the commencement of the buyback which was announced in March, also reveals AMP's Superannuation & Investments division has narrowed its net cash outflows by 26 per cent to $80 million.
Total assets under management across wealth businesses stood at $155.9 billion, which is down from $161.7 million in the FY25 full year ending in December 2025 due to negative market movements during the latest quarter.
AMP Bank's digital GO deposit product was a standout, with balances surging to $942 million, up $632 million on the prior quarter.
The rapid uptake prompted AMP to upgrade its FY26 deposit target to exceed $1.5 billion, well ahead of the original $1 billion target.
The Platforms net cashflow headline figure of 45 per cent growth reflects total Platforms flows including the effect of zeroing out External Platforms outflows following the closure of Asgard in the fourth quarter of FY25. North-only net cashflows grew 32.1 per cent over the same period.
“Accelerating organic growth in our wealth businesses is one of my top priorities,” says Vernon, who was appointed CEO in January, succeeding Alexis George who oversaw the strategic repositioning of the group.
“The continued improvement in cashflows across Platforms and Superannuation & Investments demonstrates the momentum that we have.
“In Platforms, we are seeing the benefit of the new adviser relationships we have built over the past 12 to 24 months, with another strong quarter for cashflows.
“We have delivered another market leading feature with our new North Interactive Wealth Portal, which is already receiving positive feedback from advisers.”
Vernon says this follows the latest NMG Adviser Study which rates North the number one platform across a number of key categories, including Adviser proposition and Retirement.
Vernon says the start of the $150 million buyback reflects confidence in AMP's balance sheet position and commitment to disciplined capital allocation.
The buyback follows a slump in the AMP share price following the company’s full-year profit announcement in February which saw the company lift underlying NPAT by 20.8 per cent to $285 million.
Many analysts have described the sell-off as overdone, although AMP shares have since recovered some of that lost ground.
The shares were trading 4.5c higher at $1.44 at 10.42am (AEST).
AMP Bank GO deposits performed strongly during the quarter, growing to $942 million from $632 million at the end of the December quarter, with 23 per cent in transaction accounts and nearly 25,000 customers - 75 per cent of which are new to the bank.
“This strong result has been driven by the Qantas Frequent Flyer offer on transaction accounts, and competitive GO Save rates, as well as the transition of existing customers to the new, contemporary offer,” says AMP.
“The focus for 2Q onwards will be to continue to grow customers, balances, and optimise the mix of transaction and savings accounts.”
)
