Market mayhem whacks $30b hole in AMP's funds under management

AMP has suffered a $30 billion hit to assets under management across its wealth, capital and banking divisions last quarter, as the coronavirus pandemic roiled the global economy and financial markets.

AMP Capital was looking for opportunities amid the downturn, Mr De Ferrari said, including infrastructure investment and debt. Losses in the capital arm were slightly offset by gains in their Australian dollar value, as a higher portion of these assets were exposed to foreign currency "which benefited from the depreciation", the company said.

AMP Wealth also took a beating, with total funds under management shrinking by $18.2 billion in the quarter. The federal government's early access to superannuation scheme officially opened on Monday, with over

CharlotteGriev1 AMP are one of the worst fund managers I've used. Rate them just above REST. That's pretty bad, because REST are absolutely terrible

CharlotteGriev1 But I bet the managers still get their fat salaries and bonus. Rort.

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