Business
AMP Capital sees $2.4 billion fly out the door – The Australian Financial Review
Troubled wealth giant AMP has experienced net outflows of $2.4 billion from its once-flagship funds management division.
The company attributed the external outflows to redemptions from “public markets products” as super funds and institutional clients pulled money out of AMP Capital’s listed equities and fixed income funds amid the pandemic and scandal surrounding the company’s handling of sexual harassment allegations.
“The run-off of legacy business” related to the controversial sale of its life insurance division to UK-headquartered Resolution Life was also a factor, AMP said.
The internal AMP Capital outflows…
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