October 23, 2019 / 8:53 PM / 21 days ago

Australia's AMP logs $1.3 billion in quarterly outflows

Oct 24 (Reuters) - AMP Ltd on Thursday said outflows at its Australian wealth management unit in the third quarter rose 30%, as damaging revelations of misconduct from a sector-wide inquiry continued to drive clients away.

For the quarter ended Sept. 30, the division recorded net outflows of A$1.94 billion ($1.33 billion), against A$1.49 billion worth of outflows a year earlier.

Total assets under management for the Australian wealth management unit at end-September rose to A$133.2 billion, compared with A$132.70 billion as of June 30.

$1 = 1.4592 Australian dollars Reporting by Rashmi Ashok in Bengaluru; Editing by Shounak Dasgupta and Shailesh Kuber

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