Stable wealth arm boosts AMP by 4pc

AMP shares jumped more than 4 per cent after the financial services company reported its wealth business kept its assets under management stable over the three months to the end of September.

Its assets under management were steady at $131.2bn in the third quarter, as an uptick in investment markets offset $1.4bn in net cash outflows.

The outflows were an improvement on the $1.8bn that flowed out of the business in the prior corresponding period and included $500m in regular pension payments to clients in retirement, AMP told the market on Thursday.

AMP shares closed up 4.5c at $1.165.

Perpetual also had a good day. Its shares rallied 7.9 per cent to $40.38 after assets under management pushed past the $100bn mark, with outflows in its global business putting only a mild dent in its upward trajectory.

“We have had a positive start to the financial year with continued momentum across the business and all ... divisions reporting solid growth to start the new financial year,” Perpetual CEO Rob Adams said.