- AMP has published its Q3 21 report, highlighting its AUM clocking AU$131.2 billion, largely on account of positive investment market returns.
- The Company delivered a strong quarter performance, with a prime focus on supporting its customers.
AMP is a renowned wealth management company, helping its customers in creating and protecting their wealth by offering an array of financial products and services.
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Resilience shown by AMP during lockdowns and restrictions
The Company reported that in Q3 2021, both its AWM and AUM, i.e., Australian wealth management and assets under management, respectively, stood stable at AU$131.2 billion underpinned by improved investment markets.
In the said quarter, AWM net cash outflows were reported at AU$1.4 billion when compared to AU$1.8 billion of Q3 2020.
Further, owing to growth in residential owner-occupied loans, AMP Bank’s total loan book rose to AU$21.3 billion, steered by competitive owner-occupied pricing.
Moreover, in Q3 2021, NZWM (NZ wealth management) AUM climbed to AU$12.9 billion, bolstered by investment market gains.
It is pointed out that AMP Capital reported AU$2.4 billion worth of external net cash outflows, majorly on account of redemptions in public markets and real estate funds, while its internal net cash outflows clocked AU$9.6 billion.
According to Alexis George, AMP’s Chief Executive stated that the Company showed a resilient performance amid the Australian lockdown in Q3 while supporting its customers and preparing for its upcoming demerger.
Aiding its customers to purchase a home, AMP Bank continued to deliver a strong quarter and its private markets teams remain focused on investing on behalf of its infrastructural clients, thereby creating a pipeline of opportunities.
At the time of writing, AMP was rising by 4.27% at NZ$1.220, as on 21 October.
AMP continues to focus on its priorities and will provide a further update on its businesses in its upcoming Investor Day next month.