AMP Limited
(ASX:AMP) has reported lower quarterly cashflows due to an increase in net cash outflows from external platforms.
The wealth manager reports its Australian wealth management’s net cashflows declined 6 per cent to $342 million in the first quarter of this year.
Total assets under management (AUM) rose 6 per cent to $116.1 billion on the back of positive investment market movements during the quarter.
CEO Craig Meller says the company’s focus on Asia continues to deliver results and the insurance business remains in line with guidance.
AMP reported a net profit of $971 million in the 2014 calendar year.
