AMP's NZ unit sees 1H profit drop on lower Kiwisaver inflows, expects 2H growth

Thu, 18 Aug 2016

/By Sophie Boot Aug. 18 (BusinessDesk) - AMP Financial Services New Zealand, the local operation of the Australian fund manager and insurer, said inflows of KiwiSaver funds slowed in the first half of 2016 but it expects a second-half improvement. New Zealand profit dropped 1.4 percent to A$71 million in the six months to June 30, the Auckland-based company said in a statement. Net cash flow dropped 64 percent to A$73 million for the local unit, with KiwiSaver cash inflows down 5.3 percent to A$282 million in the first half. KiwiSaver ass...

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