AMP Reports Third Straight Quarter of Net Cash Outflows

Australian asset manager AMP Ltd. (AMP.AU) reported a net cash outflow in the first three months of 2012, the third consecutive quarter of drawdowns, the company said Thursday.

AMP's Financial Services division saw outflows of 292 million Australian dollars in the period, down from A$331 million in the last three months of 2011--though higher than the A133 million recorded a year ago.

Total Australian contemporary wealth management--a category that includes superannuation, pensions and investments--lost A$138 million in funds over the period, compared with net cash inflow of A$68 million in the first quarter of 2011, AMP said in a statement.

AMP's retail superannuation and pension product, AMP Flexible Super, reported net cashflow of A$581 million in the quarter, compared with A$662 million a year ago.

Assets under management, meanwhile, rose to A$5 billion as of March 31, compared with A$4.3 billion at the end of 2011.

-By Caroline Henshaw, Dow Jones Newswires; 61-2-8272-4689; caroline.henshaw@dowjones.com

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