AMP's NZ wealth management arm suffers Q1 cash outflow

Thu, 02 May 2019

By Jenny Ruth May 2 (BusinessDesk) - AMP’s New Zealand wealth management business suffered a net cash outflow of A$52 million in the March quarter, a big turn-around from a net inflow of A$53 million in the same quarter of last year. That suggests the kiwi branch may be suffering a contagion effect after its Australian parent was excoriated in Australia’s royal commission into financial services and which is in the process of a radical reshaping of the business. AMP is ditching nearly 170 years as a trans-Tasman life insurance company...

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