AMP's North Platform Turnaround Survives a Rocky FY25 Result

Fund managers say AMP North remains undervalued against wealth platform peers, even after a bumpy set of FY25 results

20 Jul 2026 · 4 min read

Six years after the Banking Royal Commission drove investors away in droves, AMP is drawing renewed fund manager interest around its North wealth platform, even as choppy quarterly results have made the turnaround a bumpy ride.

A turnaround story built around the North platform

Centennial Asset Management's September 2025 case argued AMP had been written off by many investors since 2019, but that under new leadership since 2021 the company had sold underperforming assets, returned capital to shareholders, and refocused on its core operations. Centennial pointed to AMP North, representing around 44 per cent of group net profit after tax, as the jewel in the company's crown, delivering 7.4 per cent underlying growth in the first half of FY25, with the stock trading on 14.5 times forward earnings, a 28 per cent discount to the ASX 100.

The jewel in AMP's crown is its North platform, which represents around 44% of group NPAT. I believe this division is undervalued by the market. With its differentiated retirement products, I expect the platform to win new advisers, take market share, and drive better-than-expected inflows over the next 12-18 months. As a result, the share price should re-rate.

— Centennial Asset Management, Article, September 2025

A rocky FY25 result tests conviction

That thesis was tested hard in February 2026. Solaris Investment Management described AMP underperforming on weaker-than-expected forward guidance, with platform, super and investment margins all below consensus, and reported earnings propped up by the China Life partnership while underlying divisional performance was softer. Katana Asset Management was more blunt, saying it was at a loss to explain the scale of the sell-down given what looked like a strong result, and used the weakness to add to its holding, encouraged that AMP's superannuation platform ranked number one for net inflows during the period.

Buying the drawdown on quality and valuation

Solaris Investment Management's own March 2026 quarterly update showed the stock down 26.9 per cent as the market looked for clearer evidence of margin recovery that guidance did not deliver, yet Solaris held its overweight position, and by April described AMP as a key contributor at plus 11.5 per cent, arguing that backing a thesis through volatility, rather than reacting to price action, is how quality businesses bought at distressed valuations generate asymmetric outcomes once sentiment normalises.

AMP also contributed materially, among April's standout performers. It detracted heavily during Q1's growth selloff, and we held it because the underlying fundamentals supported the position. Quality businesses bought at distressed valuations create asymmetric outcomes when sentiment normalises, but only for investors prepared to hold through the drawdown.

— Solaris Investment Management, Monthly Report, April 2026

A platform valuation gap to HUB24 and Netwealth

Perpetual Asset Management's May 2026 update showed the payoff arriving: AMP backed up an 11.45 per cent April return with a further 9.25 per cent gain in May, with Perpetual having built its position at a weighted average price of around $1.30 in the weeks following the FY25 sell-off. Perpetual's thesis centres on AMP North trading well below the premium multiples of peers HUB24 and Netwealth Group, arguing the market underestimates North's position in a business benefiting from structural tailwinds as Australians retire and advisers shift from industry funds to wealth platforms. By July 2026, Pendal Group reported AMP up 21.3 per cent on a trading update guiding to first-half net profit of $170 million to $180 million, well above consensus, with China Life Pension Company contributing the bulk of the beat and adding to what Pendal called emerging positive catalysts alongside improved adviser interest in North.