May 1, 2019 / 9:57 PM / 3 months ago

Australia's AMP posts near nine-fold increase in quarterly cash outflows

May 2 (Reuters) - AMP Ltd posted a near nine-fold increase in cash outflows at its wealth management unit on Thursday, as it still reels from the damaging revelations of misconduct in an inquiry into the country’s financial sector.

The unit logged net cash outflows of A$1.77 billion ($1.24 billion) in the quarter ended March 31, compared with outflows of A$200 million last year, Australia’s largest listed wealth manager said in a statement.

The wealth management arm’s assets under management was A$129.33 billion at March 31, up from A$123.22 billion at the end of 2018, AMP said. ($1 = 1.4263 Australian dollars) (Reporting by Ambar Warrick and Rashmi Ashok in Bengaluru; Editing by Shounak Dasgupta and Himani Sarkar)

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