(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
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