From AFR today: However, analysts have warned that given the lower margins available on the more contemporary North platform relative to AMP's legacy products, the transition of funds to North actually results in the company losing revenue.
From AFR 06/08/20: “Alex Wade was supposed to restore the fortunes of the Australian wealth management division,” said Shaw and Partners analyst Brett Le Mesurier.“All we saw in the most recent results for the division is that that task was proving problematic.”Mr Le Mesurier said the average revenue margin on AMP’s flagship North wealth management platform was 52 basis points, below the 64bps cost base of the entire division. That cost base had also grown from 60bps a year earlier. This means that as more products are moved across to the North platform, AMP loses more money.
Ann: Dividend/Distribution - AMP, page-23
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