AMP (ASX:AMP) shares trade in green today

Highlights

• Shares of AMP Limited were spotted trading in the green zone, up 1.388% as of 2:31 PM AEDT today (2 November).
• The Australian wealth manager hit a new 52-week high on 31 October 2022.

Australia-based wealth manager and financial service provider AMP Limited’s (ASX:AMP) shares were trading 1.388% higher at AU$1.277 at the time of writing (2:31 PM AEDT) this article.

Although this ASX-listed company has not made any major announcements lately, its shares are still surging higher. On 31 October 2022, the shares of AMP even increased by 4.56% to a new 52-week high of AU$1.26 per share.

The share price of AMP has increased by 6.83% over the previous five days and by a staggering 19.81% over the last month. In addition, the shares of AMP have improved by 18.70% in a year, along with a gain of 28.20% on a year-to-date basis.

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:

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Data Source: Company announcement dated 21 October 2022