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
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
