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AMP Says Alex Wade To Step Down As CEO Of AMP Australia
AMP Sees H1 Underlying Profit For Retained Businesses Of A$140-150 Mln
AMP Says Class Action Filed Against Unit In Federal Court In Victoria
AMP Ltd is an Australia-based wealth management company. The Company operates through three divisions: AMP Australia, AMP Capital and New Zealand wealth management. AMP Australia provides wealth management, advice and bank products. Wealth management provides financial advice services through aligned and owned advice businesses, platform administration, unit linked superannuation, retirement income and managed investment products. AMP Bank offers residential mortgages, deposits and transaction banking. AMP Capital is a diversified investment manager across various asset classes, including equities, fixed interest, infrastructure, real estate, diversified and multi-manager and multi-asset funds. New Zealand wealth management business includes the wealth management, financial advice and distribution business in New Zealand.
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
Chief Financial Officer
Megan Elizabeth Beer
Chief Executive - AMP Life
Acting Chief Executive - New Zealand wealth Management
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Australia's largest financial advisory firm AMP Ltd said on Thursday Alex Wade resigned as the chief executive of its domestic wealth arm, as the unit navigates hefty outflows and lawsuits.
* AMP shares fall 12%; full results due Aug. 13 (Recasts, adds shares, analyst reaction)
Wealth manager AMP Ltd <AMP.AX> said on Thursday it had been served with a class action over advice provided in relation to certain life and other insurance products, the second lawsuit in as many days.
The following bids, mergers, acquisitions and disposals were reported by 2000 GMT on Friday:
Australia's AMP Ltd <AMP.AX> has scrapped plans to divest its New Zealand wealth management arm after offers for the unit fell short of its expectations, citing disruption caused by the coronavirus pandemic on the economy and financial markets.
Australia's AMP Ltd on Friday said more than two-thirds of shareholders who voted at its annual general meeting opposed a resolution on executive pay.
Australia's AMP Ltd on Friday said it scrapped plans to divest its New Zealand wealth management business due to the disruption caused by the coronavirus pandemic on the economy and financial markets.
Australia's AMP Ltd <AMP.AX> reported on Thursday a A$19.4 billion ($12.22 billion) decline in assets under management across its wealth management business in the first quarter as the coronavirus pandemic wreaked havoc on markets.
Australian wealth manager AMP Ltd on Thursday withdrew its full-year earnings forecast as the fast-spreading coronavirus creates increasing uncertainty.
* Outflows expected to continue in FY20 (Adds CEO comments to reporters in call, share reaction, analyst impressions)
Australian wealth manager AMP Ltd on Thursday posted an annual loss, hurt by an exodus of clients following revelations of widespread misconduct.
Australia's Federal Court has ordered wealth manager AMP Ltd <AMP.AX> to pay a penalty of A$5.2 million ($3.5 million) for failing to prevent incorrect insurance advice by financial planners, the corporate watchdog said on Wednesday.
Australia's AMP Ltd on Monday confirmed the appointment of James Georgeson as its chief financial officer to help the wealth manager navigate a turbulent phase marked by poor earnings.
Australia's AMP Limited on Wednesday appointed Reserve Bank of Australia's audit committee member, Rahoul Chowdry, to the wealth manager's board as a non-executive director, effective Jan. 1.
AMP Ltd <AMP.AX> posted record third-quarter outflows in its Australian wealth management unit and doubled its estimated loss of major pension contracts to A$1.4 billion, as a client exodus after misconduct revelations gathers pace.
AMP Ltd on Thursday said outflows at its Australian wealth management unit in the third quarter rose 30%, as damaging revelations of misconduct from a sector-wide inquiry continued to drive clients away.
Australian wealth manager AMP Ltd's funds management business AMP Capital said on Tuesday it has raised a record $6.2 billion for its fourth infrastructure debt fund.
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
Quote and financial data from Refinitiv. Fund performance data provided by Lipper. All quotes delayed a minimum of 15 minutes.