AMP says Australian wealth management unit’s outflows slow

(Reuters) -AMP Ltd on Thursday reported lower outflows at its Australian wealth management unit in the third quarter, largely due to the end of a government program that allowed people to tap the early release of their pensions to tide over the pandemic. Net cash outflows at AMP’s main wealth management business was A$1.4 billion ($1.05 billion) in the three months to September, lower than A$1.8 billion in the same period last year. However, assets under management at the unit was little changed at A$131.2 billion as the broader market situation improved, the company said. In last year’s third quarter,