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.