Australia’s Amp Gets Profit Boost From Wealth Management

The wealth manager unit, AMP Capital, which has a joint venture with Chinese insurance behemoth China Life and a strategic alliance with Japan’s Mitsubishi UFJ Trust and Banking Corp (MUTB), saw a 20% jump in operating earnings as investors dumped equities for defensive assets.

AMP Capital increased funds under management on behalf of international institutional clients by more than A$2.0bn (£1bn, $1.4bn, €1.3bn) to A$6.8bn during the year, which included growth in its global infrastructure platform.

Source: Australia's Amp Gets Profit Boost From Wealth Management - International Adviser