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AMP says virus-driven market volatility has eroded the value of assets under management across both its global investment and wealth portfolios.

The finance giant told the ASX on Thursday its Australian wealth funds under management declined 13.5 per cent to $116.3 billion in the three months to March 31, down $18.2 billion from $134.5 billion at the end of 2019.

Total assets under management for AMP Capital fell 5.3 per cent to $192.4 billion, down $10.7 billion from $203.1 billion in the fourth quarter of FY19.

AMP chief executive Francesco De Ferrari said the group had witnessed some recovery since the end of the quarter but expected volatility across equities, commodities and fixed income to continue as the coronavirus pandemic rolls on.

There was better news for the group’s banking division.

AMP Bank’s total loan book grew $162 million to $20.8 billion during the quarter, which it said reflected continued growth in residential mortgages.

Total deposits increased 5.4 per cent to $15.2 billion, in line with AMP Bank’s strategy to become more deposit-led funded.

“Amid the uncertainty, I’m pleased we are showing up strongly for our clients and demonstrating the resilience of our business,” Mr De Ferrari said on Thursday.