AMP has announced that the assets under management (AuM) in its Australian wealth management division totalled A$133.2bn ($91.16bn) as of 30 September 2019.
This represents a slight increase from A$132.7bn at the end of June 2019.
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The unit reported cash inflows of A$7.1bn and cash outflows of A$9bn in the 2019 Q3, incurring a net cash outflow of A$1.9bn.
The wealth manager’s New Zealand arm reported a marginal drop in AUM to A$11.8bn, driven by a weaker New Zealand dollar.
The New Zealand unit recorded net cash outflows of A$100m in Q3 of 2019, versus net inflows of A$100m last year.
AUM at AMP Capital stood at A$202.2bn.
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By GlobalDataAMP CEO Francesco De Ferrari said: “Each of our businesses performed broadly as expected during the third quarter. AMP Capital continues to experience strong demand for its real assets investment capabilities, with especially strong infrastructure debt flows and commitments of $6.2bn received for its fourth infrastructure debt strategy.”
The Australian wealth manager was recently under the lens for misleading regulators and wrongly charging fees.
Subsequently, AMP unified its domestic wealth management and banking units, as one of the many steps to revive its business.
Ferrari added: “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.”
