AMP believes its wealth management outflows show “underlying signs of improvement” in the wake of COVID-19 and despite the exit of several mandates.
AMP’s wealth management division suffered net outflows of $1.5 billion over the March quarter, with cash outflows of $6.7 billion including $448 million in regular pension payments and the exit of a corporate super mandate. Inflows were $5.2 billion, and AUM increased by $1.6 billion during the first quarter, reflecting stronger investment markets.
AMP Capital saw external net cash outflows of $1.3 billion, driven primarily by fixed income outflows and planned divestment of infrastructure assets in equity closed-end funds. New Zealand wealth management total AUM decreased to $12.2 billion “in part due to the exit of a large corporate superannuation client”.
More to come.
While the Federal Court found there was “no clear evidence” that either the Venture Egg boss or an associated marketing ...
Three consecutive weeks of strong new entrant numbers has kickstarted the financial year to growth of more than 150 ...
A new study has found Australian retirees could increase their projected annual incomes by as much as 51 per cent ...
Never miss the stories that impact the industry.
Get the latest news! Subscribe to the ifa bulletin