AMP

AMP's wealth arms hold firm as market conditions improve

Credit: REUTERS/David Gray

AMP Ltd said on Thursday assets under management across its wealth management businesses rose in the third quarter as coronavirus-induced market turmoil eased, while its company-wide asset review was progressing.

Adds AUM breakup of units, background on asset review

Oct 22 (Reuters) - AMP Ltd AMP.AX said on Thursday assets under management across its wealth management businesses rose in the third quarter as coronavirus-induced market turmoil eased, while its company-wide asset review was progressing.

The 160-year old company said assets under management at its flagship Australian wealth arm edged 0.3% higher to A$121.4 billion ($86.39 billion) at the end of September from three months earlier, while in New Zealand, it rose 1.2% to A$11.8 billion.

Despite a steadying in the third quarter as markets regained their footing, AMP's Australian wealth arm saw net outflows of A$1.95 billion, and it expects another A$450 million to go in the fourth quarter due to the loss of a client.

The veteran wealth manager put all its assets under review last month, setting in motion a potential sale or break-up of a company that has seen its profit and reputation plummet after a public inquiry into the financial sector exposed systemic wrongdoing.

"Our portfolio review, announced in this quarter, is progressing in parallel and being managed without delay to our transformation," Chief Executive Officer Francesco De Ferrari said in a statement on Thursday.

AMP recently ceded its position as the country's largest wealth manager to IOOF Holdings IFL.AX.

($1 = 1.4053 Australian dollars)

(Reporting by Nikhil Kurian Nainan and Sameer Manekar in Bengaluru; Editing by Maju Samuel)

((NikhilKurian.Nainan@thomsonreuters.com; Twitter: @NikhilKurianN; +91 806 182 2724))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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