AMP has reported a fall in its wealth management assets under management (AuM) due to market turbulence triggered by the Covid-19 crisis.
In the Australian wealth unit, AuM totalled A$116.3bn ($73.7bn) at the end of March 2020. The AuM at the business was A$134.5bn at December-end 2019.
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The business recorded net cash outflows of A$1.9bn in Q1 2020.
However, cash inflows increased 24% year-on-year to A$5.8bn. The firm attributed the rise to strong inflows on North platform.
In New Zealand, AuM was A$11.1bn as of 31 March 2020 – a 10% decrease from the final quarter of 2019.
AMP Capital AuM dropped to A$192.4bn from A$203.1bn over the period.
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By GlobalDataAMP CEO Francesco De Ferrari said: “Markets in Q1 were extremely volatile particularly in March, with significant falls in equities, fixed income and key commodities impacting our assets under management. We have seen some recovery since the quarter-end, but expect market volatility to continue and the economic impact of the pandemic to emerge over the remainder of the year.
“In Australian wealth management, our North platform continued its strong growth. North net inflows were higher against Q1 2019, and drove a better performance across our retail platforms, with net outflows reducing.”
“AMP Capital saw strong external cashflows, particularly into fixed income products through our asset management partnership in China,” he further noted.
