CANBERA (dpa-AFX) - AMP Ltd. (AMLTF.PK, AMP.AX), a financial services company in Australia and New Zealand, reported Thursday that third-quarter Australian wealth management assets under management or AUM increased to A$133.2 billion. Net cash outflows were A$1.9 billion.
The company noted that growth in AUM in Australian wealth management was from strong investment markets.
Meanwhile, New Zealand wealth management AUM declined slightly to A$11.8 billion for the quarter, mainly due to a weaker New Zealand dollar. The segment experienced net cash outflows of A$0.1 billion compared to A$0.1 billion in net cash inflows last year.
AMP Capital AUM increased to A$202.2 billion, with a further A$5.4 billion capital available for investment.
AMP Chief Executive Francesco De Ferrari said, 'Each of our businesses performed broadly as expected during the third quarter. ...Australian wealth management is taking significant steps to reinvent its business model, building a business around client needs. We have achieved stronger inflows during Q3, reflecting our improved fee competitiveness, but also higher outflows as the new Protecting Your Super legislation was implemented in Australia.'
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