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Reuters
Reuters
Business

Australia's embattled AMP reports subdued first quarter cash flows

FILE PHOTO: The logo of AMP Ltd, Australia's biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. REUTERS/David Gray/File Photo

(Reuters) - Top Australian wealth manager AMP Ltd <AMP.AX> on Thursday reported subdued cash flows in its Australian wealth management business in the first quarter amid a scandal that has shaken up its board and sent its shares crashing.

Cash inflows during the quarter fell, while outflows narrowed, resulting in a net outflow of A$200 million ($149.2 million), flat over last year.

Total assets under management for the business at the end of the first quarter were A$128.3 billion, 2 percent lower than the last quarter, the company said, citing negative investment markets during the period.

(Reporting by Chris Thomas in Bengaluru; Editing by Stephen Coates)

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