AMP's NZ cash flows turn negative

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."