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AMP To Merge Banking And Australian Wealth Management Business Units
Australian Securities & Investments Commission Updates On Royal Commission Implementation
AMP Announces Completion Of Share Purchase Plan
AMP Limited is a wealth management company. The Company's operating segments include Australian wealth management, which provides financial advice services, platform administration, unit-linked superannuation, retirement income and managed investment products; AMP Capital, which is a diversified investment manager; Australian wealth protection, which includes individual and group term, disability and income protection insurance products; AMP Bank, which offers residential mortgages, deposits, transaction banking and self-managed superannuation fund (SMSF) products; New Zealand financial services, which provides risk insurance, wealth management and mature book, and Australian mature business, which includes whole of life, endowment, investment-linked, investment account, retirement savings account, eligible rollover fund, annuities, insurance bonds, personal superannuation and guaranteed savings account.
Amp Sydney Cove Building
L 24 33 Alfred Street
David Victor Murray
Independent Non-Executive Chairman of the Board
Francesco Alexander de Ferrari
Chief Executive Officer, Director
Acting Chief Financial Officer
Megan Elizabeth Beer
Chief Executive - AMP Life
Chief Executive Officer - AMP Capital
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Australia's AMP Ltd <AMP.AX> said on Thursday it will merge its banking and Australian wealth management units as part of a turnaround plan aimed at making the firm more customer-focused, after an inquiry revealed widespread misconduct.
Beleaguered Australian wealth manager AMP Ltd said on Thursday it will merge its banking and Australian wealth management business units into a new entity to be named AMP Australia.
* At least four other companies reviewing AMP contracts - sources
Australia's AMP Ltd <AMP.AX> has lost at least one major pension contract while other companies are reviewing their relationship with the wealth manager, which has struggled to stem a client exodus following revelations of serious misconduct.
Australia's AMP Ltd said on Tuesday it had raised about A$784 million ($538.1 million) to fund the restructuring of its flagship business following revelations of misconduct and poor governance.
Australia's AMP Ltd has started telling some of its more than 1,500 aligned financial advisers that it is cancelling their licences, taking a tough stance in the wake of last year's inquiry into misconduct in the country's financial sector.
Australia's largest listed wealth manager AMP Ltd on Monday appointed a former Commonwealth Bank executive to a new role as Group Whistleblowing Officer as it tries to regain customer trust following damaging revelations of misconduct.
Ratings agency S&P Global downgraded the credit worthiness of troubled Australian wealth manager AMP Ltd and its subsidiaries by one notch on Tuesday, after it agreed to sell its life insurance unit to Britain's Resolution Life.
Ratings agency S&P Global downgraded the credit worthiness of Australia's largest listed fund manager AMP Ltd and its subsidiaries one notch on Tuesday due to its less diversified profile.
Troubled Australian wealth manager AMP Ltd <AMP.AX> sought investor support for a capital raising to fund a turnaround plan on Thursday, as it posted its biggest half-year loss as a listed company following damaging revelations of misconduct.
Australian wealth manager AMP Ltd said on Thursday it would sell its life insurance business at revised terms to British insurer Resolution Life for A$3 billion ($2.03 billion).
AMP Ltd, Australia's largest wealth manager, reported a 38% drop in underlying profit in the first half of this year on Thursday, amid strong fund outflows from its wealth unit.
Australian wealth manager AMP Ltd <AMP.AX> said it would likely pull the A$3.3 billion ($2.3 billion) sale of its life insurance unit after the intervention of New Zealand's central bank, raising concerns about its recovery strategy and sending its shares tumbling.
Wealth manager AMP Ltd on Monday said the sale of its life insurance business to London-based insurance firm Resolution Life was "highly unlikely" to proceed.
Australia's banking watchdog on Friday said it had imposed stricter licensing conditions on AMP Ltd's pension fund units following concerns regarding its compliance with superannuation laws, sending its shares down more than 4%.
Australia's banking watchdog on Friday said it had issued directions and license conditions on AMP Ltd's pension fund units to force it to comply with regulations governing the superannuation industry.
Australian wealth manager AMP Ltd said on Thursday it would defend itself against a new class-action lawsuit filed on behalf of pension fund account holders and claiming overcharging of fees.
Australian law firm Maurice Blackburn on Thursday said it had filed a class-action lawsuit against wealth manager AMP Ltd on the behalf of all AMP superannuation fund account holders.
Australia's oldest wealth manager, AMP Ltd, posted a near nine-fold increase in cash outflows at its wealth management unit on Thursday in the wake of damaging revelations of misconduct, sending its shares down sharply.
Embattled Australian wealth manager AMP Ltd is expected to survive a second shareholder vote in two years against its executive pay plans, but is still likely to face tough questions about its strategy at its annual meeting on Thursday.
Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.