AMP Limited has reported a mixed but mostly positive third quarter as it struggles to move beyond the Royal Commission controversies and its restructuring.
In its third quarter cashflows update presented to the Australian Securities Exchange (ASX) today the group reported growth in assets under management in Australian wealth management and AMP Capital resulting from strong investment markets, while the New Zealand wealth management business had fallen due to a weaker New Zealand dollar.
It said that increased cash inflows in Australian wealth management had been offset by higher outflows including $0.6 billion of regular pension payments and $0.2 billion from the impact of new Protecting Your Super legislation.
Commenting on the outcome, AMP chief executive, Francesco De Ferrari, said each of the businesses had performed broadly as expected.
On the issue of Australian wealth management he said the business was 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,” he said.