Australia's AMP loses billions as 'freaked out' customers flee after advice scandal

Pedro Gonçalves
clock • 2 min read

Australia's oldest wealth manager, AMP, reported a nine-fold increase in net cash outflows at its wealth management unit in the first three months of 2019  in the wake of damaging revelations of misconduct revealed by a Royal Commission inquiry. The 170-year-old company was accused of charging fees for no service and attempting to deceive regulators, which led to the loss of its chairman and chief executive. It has since haemorrhaged billions of dollars in funds and is facing class-action lawsuits. Net cash outflows surged to A$1.8bn ($1.3bn) in the first quarter from $200m in the sam...

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