SYDNEY: Australia’s oldest wealth manager, AMP Ltd, posted a near nine-fold increase in cash outflows at its wealth management unit in the wake of damaging revelations of misconduct, sending its shares down sharply.
The 170-year-old company was accused of charging fees for no service and attempting to deceive regulators at a government-mandated Royal Commission inquiry last year, which led to the loss of its chairman and chief executive. It has since haemorrhaged billions of dollars in funds and is facing class-action lawsuits.
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