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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  AMP Limited    AMP   AU000000AMP6

AMP LIMITED

(AMP)
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AMP : REFILE-UPDATE 2-AMP's fund management division sees $1.7 bln in outflows, shares tumble

10/21/2020 | 05:03pm EST

(Removes Reuters Instrument Code of unrelated company)

* AMP shares mark biggest intraday pct drop since July 31

* AMP Capital hit by repayments

* Assets under management at Australian wealth arm edge up

Oct 22 (Reuters) - AMP Ltd on Thursday reported net cash outflows of about A$2.4 billion ($1.7 billion) from its flagship fund management arm in the third quarter, as coronavirus-induced market turmoil and governance concerns led to higher client repayments.

The 160-year-old company said its AMP Capital division saw net external cash outflows of A$1.1 billion in the quarter ended Sept. 30, with A$1.3 billion in net internal cash outflows.

AMP shares fell as much as 5.2% in its biggest intraday pct drop in nearly three months.

The company, which recently ceded its position as Australia's largest wealth manager to IOOF Holdings, put all its assets under review last month, setting in motion a potential sale or break-up.

AMP has seen its profit and reputation plummet after a public inquiry into Australia's financial sector exposed systemic wrongdoing.

It has also been hit by allegations of inappropriate conduct towards a female employee by a senior manager.

"Our portfolio review, announced in this quarter, is progressing in parallel and being managed without delay to our transformation," Chief Executive Officer Francesco De Ferrari said in a statement on Thursday.

AMP added it was seeing some improvement, with net cash outflows from its Australian wealth management arm broadly flat during the quarter. However it expects another A$450 million to go in the fourth quarter due to the loss of a client.

The company said assets under management at the Australian wealth arm edged 0.3% higher to A$121.4 billion at the end of September from three months earlier, while in New Zealand, it rose 1.2% to A$11.8 billion. ($1 = 1.4092 Australian dollars) (Reporting by Shriya Ramakrishnan, Nikhil Kurian Nainan and Sameer Manekar in Bengaluru; Editing by Maju Samuel and Stephen Coates)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMP LIMITED -0.96% 1.55 End-of-day quote.-0.64%
IOOF HOLDINGS LTD -0.81% 3.67 End-of-day quote.4.26%
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Financials
Sales 2020 338 M 261 M 261 M
Net income 2020 163 M 126 M 126 M
Net Debt 2020 13 656 M 10 532 M 10 532 M
P/E ratio 2020 36,1x
Yield 2020 6,57%
Capitalization 5 323 M 4 091 M 4 106 M
EV / Sales 2020 56,2x
EV / Sales 2021 42,2x
Nbr of Employees 6 500
Free-Float 99,3%
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Technical analysis trends AMP LIMITED
Short TermMid-TermLong Term
TrendsBearishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 1,74 AUD
Last Close Price 1,55 AUD
Spread / Highest target 71,0%
Spread / Average Target 12,4%
Spread / Lowest Target -16,1%
EPS Revisions
Managers and Directors
NameTitle
Francesco de Ferrari Chief Executive Officer & Executive Director
Debra Hazelton Chairman
James Georgeson Chief Financial Officer
John K. O'Sullivan Independent Non-Executive Director
Andrea Elizabeth Slattery Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
AMP LIMITED-0.64%4 091
SEI INVESTMENTS COMPANY3.83%8 626
ST. JAMES'S PLACE PLC3.75%8 503
IOOF HOLDINGS LTD4.26%1 852
PLATINUM INVESTMENT MANAGEMENT LIMITED-0.74%1 818
IIFL WEALTH MANAGEMENT LIMITED4.21%1 280