Australia's AMP sees record outflows as wealth clients desert

Troubled financial services company AMP saw record net outflows from its wealth management business in the third quarter as a client exodus after misconduct revelations gathers pace. In an update on its assets under management issued to the Australian Securities Exchange on Thursday, AMP revealed that it experienced net cash outflows of A$1.9bn in the three months to September 30, a 30% increase year on year. AMP said A$200m of the outflows came as the result of the government's new Protecting Your Super legislation, which led to the introduction of fee caps and the transfer of inacti...