AMP Wealth Clients Pull $648 Million as Scandals Take Toll

First-half profit fell 7.1% to A$495 million after charge
AMP appointed ex-Treasury Secretary John Fraser as a director

AMP Ltd. headquarters in Sydney, Australia. — AMP Ltd. headquarters in Sydney, Australia.
Photographer: Brendon Thorne/Bloomberg

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By Brett Foley

August 7, 2018 at 10:02 PM UTC

Updated on

August 7, 2018 at 11:54 PM UTC

This article is for subscribers only.

AMP Ltd.’s wealth customers withdrew A$873 million ($648 million) in the first half as the Australian asset manager was hit by revelations of misconduct.

The net cash outflows in the six months to June 30 compared with inflows of A$1.02 billion a year earlier, the Sydney-based company said in a statement Wednesday. Withdrawals in the second quarter were impacted by an inquiry into wrongdoing in the financial industry and “headwinds” remain for the rest of 2018.