Australia's AMP hits over 3-1/2-year high on strong growth across businesses
Adds share moves in paragraph 2, details in paragraphs 3-6
Oct 17 (Reuters) -Shares of AMP AMP.AX jumped to a more than three-and-a-half-year high on Thursday after the Australian wealth manager logged strong growth in its major businesses in the third quarter, with assets under management and net cashflows improving.
Shares of the company rose as much as 15.3% to A$1.563 by 0028 GMT to hit their highest level since early February 2021, while the broader benchmark index .AXJO was up 0.8%.
Assets under management at AMP's platforms business increased to A$78.1 billion ($52.03 billion) in the third quarter from A$74.7 billion in the previous quarter. Net cashflows rose 76% year-on-year to A$750 million.
Assets under management at the company's superannuation & investments and New Zealand wealth management businesses grew.
The superannuation & investments business saw a smaller outflow of A$334 million compared with A$619 million last year.
AMP Bank's total loan book increased marginally to A$23 billion from the previous quarter.
($1 = 1.5011 Australian dollars)
Reporting by John Biju in Bengaluru; Editing by Alan Barona and Subhranshu Sahu
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