AMP wealth records $1.8 billion net cashflows in first quarter

Company News

by Rachael Jones

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.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.