Wealth manager AMP’s Australia unit posts net cash outflows on uncertainties
(Reuters) – AMP Ltd mentioned on Thursday its Australian wealth administration enterprise logged one other quarter of money outflows because it continued to lose buyers amid market uncertainty because of the Russia-Ukraine warfare, with belongings below administration additionally taking successful.
Web outflows from the wealth administration enterprise had been A$1.33 billion ($963.45 million) for the three months ended March 31, lower than the A$1.99 billion outflow a yr earlier.
In the meantime, belongings below administration on the unit fell 4.1% sequentially to A$136.47 billion on decrease funding markets, the corporate mentioned.
AMP, attempting to show itself round after a sequence of scandals which included allegations of worker misconduct, noticed a slowdown in outflows at its flagship Australian wealth administration arm within the earlier yr ending December.
“We’re seeing optimistic indicators of progress and momentum and have set a transparent path to speed up the transformation of AMP Restricted,” Chief Govt Alexis George mentioned on Thursday.
AMP shares had been down 0.4% at A$1.19 in early commerce.
The 172-year-old agency final week confirmed it will divest AMP Capital by promoting the enterprise in numerous elements for a complete valuation of A$2.04 billion, and focus its consideration on the remaining banking, wealth and monetary recommendation divisions.
($1 = 1.3805 Australian {dollars})
(Reporting by Himanshi Akhand and Riya Sharma in Bengaluru; Modifying by Anil D’Silva and Lincoln Feast.)
