Corporate super exits weigh on AMP
AMP Limited was already facing challenges and these have been magnified by the impact of COVID-19 with the company announcing to the Australian Securities Exchange (ASX) today that assets under management (AUM) had decreased by $10.7 billion.
Providing a first quarter cashflow update to the ASX, the company said its Australian Wealth Management division AUM reduced to $116.3 billion, down from $134.5 billion in the previous quarter.
The company also reflected the impact of corporate superannuation mandate losses stating that net cash outflows of $1.9 billion included outflows of $430 million from a number of corporate superannuation mandates and $205 million from the impacts of the Government’s Protecting Your Superannuation Legislation.
Commenting on the quarter, AMP chief executive, Francesco De Ferrari, said markets had been extremely volatile in the quarter with ‘significant falls’ in equities, fixed income and key commodities affecting assets under management.
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