AMP cash flows down in September quarter
Continuing market volatility through the September quarter impacted AMP Financial Services' net cash flows.
The company reported to the Australian Securities Exchange (ASX) today that net cash flows for the quarter were $48 million — down from $103 million in this same period last year.
It said that higher cash inflows had been offset by higher cash outflows — something that was in line with trends being seen more broadly across the industry.
AMP said that net cash flows for its retail superannuation and pension business were $96 million, compared to $99 million for the previous corresponding period, while corporate superannuation cash flows were down $24 million on the previous period to $102 million.
It said that net cash flows in retail investments were $7 million compared to $23 million in the previous corresponding quarter.
A bright spot for AMP was contemporary wealth protection, where net cash flows increased by $18 million to $120 million.
AUTHOR
Mike Taylor
Recommended for you
Wealth Data has revealed the top five licensees for financial adviser growth over the September quarter, with more than 150 advisers joining in Q3 overall.
Former Sydney financial adviser, David Valvo, has pled guilty in court to a charge of dishonest conduct.
Building a network of mentors and coaches with varied skill sets could help women achieve their career goals, according to an FBAA executive.
AMP has reported its Q3 results and provided a progress update on the divestment of its advice division to Entireti.
