AMP Limited has found an otherwise satisfactory first quarter undermined by the exit of a major superannuation client in New Zealand.
Reporting its first quarter cashflows to the Australian Securities Exchange (ASX) today, the company noted that assets under management (AUM) within its New Zealand wealth management business had decreased to $12.2 billion due in part to the exit of a large corporate superannuation client.
It said there had been outflows in the business of $102 million driven by increased competitor activity, the exit of the superannuation client and the ongoing impacts of COVID-19.
Referring to the Australian wealth management business, outgoing AMP chief executive, Francesco De Ferrari, said there were underlying signs of improvement with a reduction in outflows of corporate superannuation mandates.
He said an increase in assets in the business reflected continued improvement in investment markets.