One of AMP’s institutional shareholders has called for more capital to be returned and warned costs are still too high, as the troubled wealth giant reported a $2 billion increase in funds under management.
AMP shares jumped 3.6 per cent to $1.14 in Wednesday’s trade after the financial services company reported funds under management (FUM) of $126.2 billion in its domestic wealth management business at March 31. The figure reflected a quarterly increase of $2 billion, which was attributed to financial market gains and improved cash outflows.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
