⁍ AMP Ltd said on Thursday assets under management across its wealth management businesses rose in the third quarter.

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⁍ The company put all its assets under review last month, setting in motion a potential sale or break-up of a company that has seen its profit and reputation plummet.

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– An Australian financial services company that was once the country’s largest wealth manager is now looking for a buyer after a public inquiry uncovered widespread wrongdoing in the country’s financial sector. AMP put all its assets under review last month, setting in motion a potential sale or break-up of a company that has seen its profit and reputation plummet after a public inquiry into the financial sector exposed systemic wrongdoing, Reuters reports. “Our portfolio review, announced in this quarter, is progressing in parallel and being managed without delay to our transformation,” CEO Francesco De Ferrari said in a statement on Thursday. ” AMP recently ceded its position as the country’s largest wealth manager to IOOF Holdings.” The 160-year-old company said assets under management at its flagship Australian wealth arm edged 0.3% higher to $86.39 billion at the end of September from three months earlier, while in New Zealand, it rose 1.2% to A$11.8 billion. Despite a steadying in the third quarter as markets regained their footing, AMP’s Australian wealth arm saw net outflows of A$1.95 billion, and it expects another A$450 million to go in the fourth quarter due to the loss of a client. The veteran wealth manager put all its assets under review last month, setting in motion a potential sale or break-up of a company that has seen its profit and reputation plummet after a public inquiry into the financial sector exposed systemic wrongdoing.