AMP slowed by global shares slide

DEPRESSED global equity markets have savaged cashflows at Australian financial giant AMP. For the first three months of 2002 AMP suffered a cash outflow of A$398m (£146m), compared to positive cashflow of A$8.5m in the same period the previous year.

In Britain, where AMP derives about 60% of its profits, the company's operations - comprising the old Pearl Insurance and London Life - posted net cashflows of A$251m against A$445m in 2002.

Henderson Global investors, the AMP's flagship funds operation, had a cash outflow of A$1.5bn compared with an inflow of A$5.8bn, while Henderson's retail cash flows fell from A$931m to A$117m.

AMP put a brave face on the figures today, with chief executive Paul Batchelor saying the company was managing 'tightly through tough markets'.