AMP implodes as investors flee amid fund outflows

Original article by Andrew White
The Australian – Page: 19 & 23 : 26-Oct-18

Wealth manager AMP has advised that its fund outflows totalled $1.5bn in the September quarter, compared with just $243m in the previous corresponding period. Acting CEO Mike Wilkins says lack of fund inflows is a bigger concern than the rise in outflows, adding that the problem is likely to persist until the financial services royal commission delivers its final report. AMP has also announced a $3.3bn deal to sell its life insurance business to Resolution Capital. AMP shares reached a record low on 25 October, reducing its market capitalisation by $2.3bn.

CORPORATES
AMP LIMITED – ASX AMP, AMP LIFE LIMITED, RESOLUTION CAPITAL LIMITED, AUSTRALIA. ROYAL COMMISSION INTO MISCONDUCT IN THE BANKING, SUPERANNUATION AND FINANCIAL SERVICES INDUSTRY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MACQUARIE GROUP LIMITED – ASX MQG

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