Assets Under Management AUM

It’s been a good week so far for the AMP stock price (ASX: AMP)

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The AMP SA (ASX: AMP) the stock price has been on fire this week. Shares of the Australian wealth manager are up 6.1% since last Friday’s close and stand at $ 1.12 per share.

This is somewhat positive news in an otherwise bleak race for shareholders. AMP stocks fell 27.9% in 2021 and significantly underperformed S & P / ASX 200 Index (ASX: XJO) lately.

So what is driving the Australian wealth manager’s latest earnings?

Why AMP’s stock price is up 6% this week

AMP released its half year results on August 12, just over 2 weeks ago today. A 57% increase in after-tax net income to $ 181 million was one of the main highlights of the recent update.

The wealth manager’s assets under management (AUM) grew 8% to $ 121 billion during the year despite net cash outflows of $ 4 billion.

AMP’s board of directors did not pay an interim dividend. The wealth manager remains focused on capital management and turnaround efforts under the leadership of new CEO Alexis George.

AMP’s share price jumped 3.7% in the wake of the result before reversing those gains in recent weeks. However, this week has been a good one for shareholders, with the share of wealth management increasing again.

Context is certainly important in examining the latest moves. For one thing, AMP’s stock price closed at $ 1.12 per share on Thursday – just above its 52-week low of $ 1.04 per share.

Interestingly, there have been no further updates since the earnings release two weeks ago, but a largely positive earnings season and recent market gains have helped boost momentum. . There have also been recent publications of results from IOOF Holdings Limited (ASX: IFL) and Platinum Asset Management Ltd (ASX: PTM) who helped put AMP’s results into context with their industry peers.

Stupid takeaways

Despite the AMP share price rising 6% this week, the asset manager’s market capitalization has still fallen by 25% over the past 12 months.

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