AMP has reported reduced cash flows for the first quarter of calendar 2016 as "challenging" investment market conditions took their toll on the business.
Australian wealth management net cash flows for AMP were $209 million during the March 2016 quarter, down from $342 million in the prior corresponding period.
"Cashflows were impacted by weaker investor confidence, ongoing market volatility and advisers adjusting to an enhanced regulatory environment," said an AMP statement.
AMP's total assets under management were $112.6 billion, down 2 per cent from $115.1 billion at the end of the December quarter of 2015.
Total retail and corporate superannuation new cash flows on AMP platforms were $383 million in the first quarter of 2016, down from $638 million in the prior corresponding period.
AMP Capital had net cash outflows of $1,540 million in the first quarter of 2016, comprising external net cash outflows of $477 million and internal net cash outflows of $1,063 million
"External cashflows were impacted by challenging domestic and international market conditions," said AMP.
"Net cashflows from AMP’s share of the China Life AMP Asset Management Company alliance decreased to $22 million from $143 million in [the first quarter of 2015], reflecting the redemption of money market funds of some corporate and institutional clients, in line with their liquidity management practice."
The plummeting Turkish currency has spooked global markets – and if investors haven’t already reconsidered their allocations to emerging...
Praemium has increased funds under administration on its Australian separately managed account (SMA) by 45 per cent to $5.61 billion, accord...
Asset manager Janus Henderson has made a series of internal promotions to their Australian fixed interest team. ...