AMP (ASX:AMP) shares trade in green today

2 min read | November 02, 2022 06:49 PM AEDT | By Tamnna

Image source: © Viewimage | Megapixl.com

Recent developments at AMP

On 21 October 2022, AMP Limited released its assets under management (AUM) report for the third quarter of FY22 alongside a cashflow update.

According to the company’s ASX filing:

The company's AMP Bank division reported an increase in the total loan book of AU$0.6 billion to AU$23.3 billion in Q3 FY22. An 89% loan-to-deposit ratio supported the loan book.
AMP's net cash inflows grew from AU$205 million in Q3 FY21 to A$363 million in Q3 FY22. In addition, the independent financial adviser (IFA) inflows increased by almost 45% to AU$483 million in Q3 FY21.
Net cash outflows for Australian Wealth Management (AWM) decreased from AU$1.9 billion in Q3 FY21 to AU$0.8 billion in Q3 FY22. This decline in net cash outflows, along with lower investment markets, pushed AWM assets under management (AUM) to decrease to AU$121.4 billion from AU$125.1 billion in Q2 FY22.
With the help of improved net cash inflows from KiwiSaver and decreased net cash outflows from other products, New Zealand Wealth Management (NWM) saw positive net cash inflows of AU$23 million in Q3 FY22.
NWM witnessed a reduction in AUM to AU$9.8 billion in Q3 FY22, from AU$10.2 billion in the prior quarter. According to company, this is primarily attributable to decline in the investment markets and losses on foreign exchange transactions as a result of the New Zealand dollar's depreciation against the Australian dollar.

What did AMP management say about Q3 AUM update?

In a statement, Alexis George, CEO, AMP Limited, said:

Data Source: Company announcement dated 21 October 2022

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