AMP Australian wealth management unit’s Q3 outflows drop

(Reuters) – AMP (OTC:) Ltd on Friday reported lower third-quarter outflows at its Australian wealth management unit, largely due to reduced withdrawals at one of its pension trusts.

Net cash outflows at AMP’s main wealth management business were A$0.8 billion ($502.40 million) for the three months to September, compared with A$1.9 billion recorded a year earlier.

($1 = 1.5924 Australian dollars)

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