AMP's NZ cash flows turn negative
AMP says its New Zealand wealth management business lifted assets under management by 7 per cent in the first quarter of this year but its cashflows turned negative.
Thursday, May 2nd 2019, 1:17PM
It turned in overall net cash outflows of A$1.8 billion ($1.9b)
“Our focus during the first quarter has been on accelerating change within AMP including establishing a new leadership team, progressing the remediation program and separating our life insurance businesses, and sharpening our offers to clients," said chief executive Francesco de Ferrari.
“Stronger investment markets delivered growth in assets under management in Australian and New Zealand wealth management and at AMP Capital.
“Cashflows in Australian wealth management continue to be challenged given the post-Royal Commission environment. AMP Bank is performing well, with strong retail deposit growth and a modest increase in lending, and AMP Capital continued its strength in real assets."
AMP in New Zealand now has A$11.9 billion under management, which it said was driven by positive market performance and net cash inflows of A$37 million.
It experienced net cash outflows of A$52m compared to inflows of A$53m in the same quarter last year.
"We had positive inflows in to our AMP KiwiSaver Scheme and expected outflows mainly reflect the ongoing renovation and simplification of products, including the closure of some older products, for the benefit of our clients," a spokeswoman said.
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