⁍ AMP Ltd reported net cash outflows of about $1.7 billion from its flagship fund management arm.

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⁍ AMP shares fell as much as 5.2% in its biggest intraday pct drop in nearly three months.

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⁍ The company put all its assets under review last month, setting in motion a potential sale or break-up.

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– It’s been a rough few months for AMP, Australia’s second-largest wealth manager, which last month lost its position as the country’s largest wealth manager after a public inquiry uncovered widespread wrongdoing in the country’s financial sector. Now, the company is reporting some of the biggest quarterly cash outflows in its 160-year history, Reuters reports. In the quarter ending Sept. 30, AMP Capital saw external cash outflows of $1.7 billion and internal cash outflows of $1.3 billion. The company says the outflows were due to market turmoil caused by the highly contagious coronavirus, as well as increased client repayments due to governance and other concerns. “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 Thursday. The company’s shares fell as much as 5.2% in its biggest intraday drop in nearly three months. The company, which recently ceded its position as Australia’s largest wealth manager to IOOF Holdings IFL.AX, put all its assets under review last month, setting in motion a potential sale or break-up. AMP has seen its profit and reputation plummet after a public inquiry into Australia’s financial sector exposed systemic wrongdoing. It has also been hit by allegations of inappropriate conduct towards a female employee by a senior manager.