AUST'S AMP POSTS DROP IN Q3 CASH FLOW, RISE IN ASSETS UNDER MGMT

Australia's AMP Ltd (ASX:AMP) has seen a 53 per cent fall in third quarter cash flows, but assets under management (AUM) have increased due to improved market conditions.

The wealth manager said net cashflows in the three months to September 30 were A$48 million (US$46.53 million), down 53 per cent from the previous corresponding period's $103 million.

Higher cash inflows were offset by higher cash outflows, AMP said, as improved investment markets saw more higher customer balances and therefore more withdrawals.

"This is in line with trends being seen more broadly across the industry," AMP said in a statement.

The largest fall in cashflow came in AMP's retail investments, with a 70 per cent drop to $7 million.

AMP Capital Investors' average AUM was five per cent higher than the previous corresponding period at $96.5 billion, while AUM at September 30 was $97.4 billion, two per cent higher than at the same time last year.

AMP Financial Services Contemporary Wealth Management saw average AUM of $51.2 billion in the quarter, up 10 per cent on the previous corresponding period, with AUM at September 30 at $51.9 billion, up six per cent on a year earlier.