Wealth management company AMP (ASX:AMP) report expected continued weakness in inflows and higher outflows post-Royal Commission.
Their first quarter update shows net cashflows of $1.8 billion, including $538 million of regular pension payments.
Last year the figure was just $200 million.
AMP’s Australian wealth management AUM increased 5 per cent to $129.3 billion.
The company also today announced the appointment of John Patrick Moorhead as Chief Financial Officer, effective 1 June 2019.
Shares in AMP (ASX:AMP) are trading 5.41 per cent lower at $2.19.