AMP shares have dropped nearly five per cent after the beleaguered wealth manager said it had experienced net cash outflows of $1.8 billion in the first quarter.

“Cashflows in Australian wealth management continue to be challenged given the post-royal commission environment,” AMP chief executive Francesco De Ferrari said on Thursday.

At 1149 AEST, AMP shares were down 11.5 cents, or 4.98 per cent, to $21.95, a two-week low.

They have lost nearly half their value from a year ago.

The company also announced the appointment of John Patrick Moorhead as chief financial officer ahead of Thursday’s annual meeting, where it faces a potential second strike on executive pay.