AMP NZ's new cash outflow doubles in Q1

Thu, 22 Apr 2021

AMP Wealth Management in New Zealand saw its net cash outflows nearly double to A$102 million (NZ$109m) in the three months ended March from A$56m in the same quarter last year.The Australian parent said that was driven by increased competitor activity, the exit of a corporate superannuation client and the ongoing impacts of the covid-19 pandemic.That meant assets under management fell to A$12.19 billion at March 31 from A$12.4 billion at Dec 31.A net $6m flowed into AMP's KiwiSaver product, down from the $37m net gain in the March quarter...

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