Australia's AMP hits over 1-year low as outflows continue

Precinct Properties New Zealand

22/04/2021 01:59

** AMP Ltd  AMP.AX  falls 3.9% to a more than 1-year low of
A$1.12 as outflows continue in Q1
    ** AMP saw A$1.5 bln ($1.16 bln) in net outflows at its
Australian wealth management business  urn:newsml:reuters.com:*:nL4N2ME3ZB
    ** AMP Capital saw net outflows of A$2.9 bln, including
A$1.3 bln largely from external clients
    ** Assets under management at AMP Capital were down 1.7%
from December to A$186.5 bln at the end of March due to internal
restructuring at Precinct Properties New Zealand  PCT.NZ  and
the sale of its global companies funds
    ** AMP did not give an update on its talks with U.S. private
equity fund Ares Management  ARES.N , which last month expressed
interest in buying all of its private market business of AMP
Capital
    
($1 = 1.2883 Australian dollars)

 (Reporting by Nikhil Kurian Nainan)
 ((NikhilKurian.Nainan@thomsonreuters.com; Twitter:
@NikhilKurianN))