May 24, 2018 / 3:08 AM / 7 months ago

UPDATE 1-Australia's embattled AMP appoints new group general counsel

(Adds background on inquiry, share performance)

May 24 (Reuters) - Australia’s largest wealth manager AMP Ltd said on Thursday it would appoint David Cullen as the group’s general counsel effective immediately.

Cullen replaces erstwhile in-house lawyer Brian Salter, who resigned last month with other members of AMP’s management after an independent inquiry into Australia’s financial sector revealed the firm lied to the corporate regulator for a decade.

Former Chief Executive Craig Meller was the first to resign, followed by Chairwoman Catherine Brenner.

AMP took just four days to appoint ex-Commonwealth Bank of Australia chief David Murray as Brenner’s replacement.

AMP’s share price has dropped nearly 9 percent since the inquiry - dubbed the Royal Commission - in mid-April revealed malpractices at the wealth manager. Its shares were trading 0.3 percent lower on Thursday, in line with the broader market.

The year-long inquiry started hearings in February and has already exposed widespread wrongdoing in the industry including fraud by financial planners, deception of regulators and charging customers fees without providing a service. (Reporting by Rushil Dutta in Bengaluru)

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