Australia's oldest wealth manager, AMP Ltd, posted a near nine-fold increas...
SYDNEY - Australia’s oldest wealth manager, AMP Ltd, posted a near nine-fold increase in cash outflows at its wealth management unit on Thursday in the wake of damaging revelations of misconduct, sending its shares down sharply.
“Cashflows in Australian wealth management continue to be challenged given the post-Royal Commission environment,” Chief Executive Officer Francesco De Ferrari said in a statement. The company noted that its assets under management, which includes investment performance, rose 5 percent “with positive investment markets offseting weaker cash inflows”.
He said the heavy outflow of funds has hurt AMP’s profit margins, given that funds management is very much a fixed-cost business.
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