AMP has reported record net outflows of $1.94 billion in its core wealth management business for the quarter ended September 30 – 30% higher than the $1.49 billion-worth of outflows the previous year.
The troubled wealth giant also saw its 12-month estimate of corporate client losses double, from $700 million in August, to $1.4 billion, despite not having material outflows from the loss of corporate mandates over the September quarter.
AMP said the unit achieved higher inflows during the quarter, rising 9.5% from the prior corresponding period, but those were more than offset by outflows, which AMP CEO Francesco De Ferrari attributed in part to new laws designed to limit unnecessary fees and insurance charges on pension savings, Reuters reported.
AMP recently announced it would combine its banking and Australian wealth management units into a new entity called AMP Australia.
