A auxiliary power supply having a selectable operating mode raises efficiency of a switched-power converter. By selectably controlling the input/output behavior of the auxiliary power supply receiving a voltage from an auxiliary winding of one of the power converter magnetic elements, more efficient operation of the auxiliary power supply over the full variation range of the input line voltage is achieved. By selecting the operating mode according to the relationship between the required auxiliary power supply output and the voltage available across the auxiliary winding under current operating conditions, the turns ratio of the auxiliary winding and other circuit parameters can be optimized for efficiency. Selection of the operating mode may be made by detecting the output or input voltage of the multiplier, and the selection may be performed under hysteretic control so that the variation in auxiliary power supply output voltage is reduced dynamically.