Markets

Aussies in these 32 super funds could be $200,000 worse off by retirement

Online investment adviser StockSpot has released its 2019 Fat Cat Funds Report, naming and shaming the most overpriced and underperforming superannuation funds in Australia. Super funds managed by ANZ Bank, wealth managers AMP, MLC and Perpetual and life insurer Zurich were found to be the worst, with ’32 fat cat […]
Aussies in these 32 super funds could be $200,000 worse off by retirement
Markets

The full AMP horror show is here

AMP’s wealth management arm saw nearly $4 billion in client money leave its books in the past financial year, largely as a result of reputational damage from the financial services royal commission. For context, the previous year, it had added $931 million in inflows. Statutory net profit for the year […]
The full AMP horror show is here
Markets

AMP to slash its final dividend by more than 70%

AMP will slash its final dividend by more than 70 per cent after revealing the full extent of the brutal hit to profits caused by scandals in its wealth business and volatile markets. AMP said on Friday it will declare a final dividend of 4¢ a share for the 2018 […]
AMP to slash its final dividend by more than 70%
Markets

AMP’s incoming CEO is already working on a new strategy

AMP’s new CEO, Francesco De Ferrari, started today. His immediate priority is to create a new strategy for the financial services giant. He says the royal commission has provided “impetus for change”. Francesco De Ferrari, a former Head of Credit Suisse’s Asia Pacific private banking business, today started as AMP […]
AMP’s incoming CEO is already working on a new strategy
Markets

AMP shares crashed 25%

Shares in AMP were crushed today way beyond the impact of the global sell off. While the rest of the market was down 2.8%, AMP shares fell almost 25% to close at $2.50. AMP today announced the sale of its Australian and New Zealand insurance businesses to global wealth protection […]
AMP shares crashed 25%
Markets

AMP has sold its insurance business for $3.3 billion

AMP is exiting its insurance business in a sale to Resolution Life for $3.3 billion. It also plans an IPO of its New Zealand wealth management and advice businesses. AMP will now focus on its Australian wealth management, AMP Capital and AMP Bank.. AMP today announced the sale of its […]
AMP has sold its insurance business for $3.3 billion
Markets

AMP charged dead people nearly $1 million for life insurance

AMP charged thousands of dead people for life insurance, the financial services royal commission heard today. The life insurance giant started looking internally in April this year following reports that the Commonwealth had been charging the dead for financial advice. However, emails read to the commission today indicted AMP had […]
AMP charged dead people nearly $1 million for life insurance
Markets

Francesco De Ferrari is the new CEO of AMP

The new CEO of AMP is banker Francesco De Ferrari of Credit Suisse. He starts in December, replacing Mike Wilkins who will return to his position as a Director on the AMP Board. De Ferrari says he’s confident AMP can earn back trust which will underpin the recovery of business. […]
Francesco De Ferrari is the new CEO of AMP
Markets

Former Treasury head John Fraser is joining the board of AMP

David Murray, the new chair of AMP, has made a major acquisition for his board of directors. John Fraser, a former head of the Federal Treasury Department, is joining the board. He starts next month. He retired as Secretary to the Australian Treasury last month. “We’re pleased to welcome John […]
Former Treasury head John Fraser is joining the board of AMP
Markets

AMP profit tanks 74%

AMP’s statutory net profit was $115 million, down 74%, in the first half, dragged down by remediation provisions. Underlying profit, without provisions for remediation, was $495 million. AMP declared an interim dividend of 10 cents a share, franked at 50%. AMP’s first half profit fell 74% to $115 million, driven […]
AMP profit tanks 74%
Markets

ASIC is about to move its staff inside the banks

The Federal government announced an extra $70.1 million in funding for ASIC . $8 million will be used to embed ASIC staff within the big four banks and AMP. The new funding is all about proactive enforcement. Corporate regulator ASIC will be embedding dedicated staff within the big four banks […]
ASIC is about to move its staff inside the banks