AMP’s wealth management business 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 Q1, 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.
