AMP: Life in the old dog yet
Signs of life after a near death experience for struggling Sydney based wealth manager AMP, as it revealed a 57% rise in interim profit on Thursday, helped by stronger AMP Bank earnings and investment income.
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Amp Limited
AMP has a long history of helping our customers manage their finances and achieve their goals.
We were founded 170 years ago on a simple yet bold idea: that financial security enabled people to live with dignity. Our founding purpose was captured by the Latin motto: Amicus Certus In Re Incerta – A sure friend in uncertain times. This deep commitment to helping clients continues and is articulated in our purpose statement today – Realise human ambitions.
A leader in the Australian market, our reach now spans around the world, where we use our expertise to help clients in New Zealand, and across Asia, the Middle East, Europe, the United Kingdom and North America
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News
AMP Flicks GEFI Assets to Macquarie
AMP continues to slim itself, announcing the sale of AMP Capital’s global equities and fixed income (GEFI) business to Macquarie Asset Management in a deal worth $185 million.
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Little Reaction to ASIC AMP Action
AMP shares shrugged off legal action from ASIC involving the most notorious part of the Hayne Royal Commission - the company charging fees to people after they had died.
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ASIC Proceeding with “Dead Fees” Case Against AMP
AMP will be quick to try and settle this ASIC case which involves the most notorious part of the Hayne Royal Commission two years ago - the company charging dead people fees.
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Relief Rally Sees AMP Bounce off Record Lows
AMP shares bounced in early trading on Friday after investors took heart that the mooted deal with US investor group, Ares had finally fallen over.
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Analyst Views
AMP – Macquarie rates the stock as Upgrade to Neutral
Having initially retained an Underperform rating after a first galance at AMP's result yesterday, Macquaire has now decided to upgrade to Neutral. Target rises to $1.45 from $1.30.
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AMP – Citi rates the stock as Neutral
Citi analysts remain of the view that the optimum strategy for the AMP board to release value for shareholders is through spinning off some of the divisions. Neutral/High risk rating remains in place while the price target has improved to $1.60 from $1.55.
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AMP – Macquarie rates the stock as Neutral
AMP has received final regulatory approval for the sale of the life business. Macquarie estimates this leaves AMP with around $950m in excess capital.
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AMP – Macquarie rates the stock as Neutral
AMP has withdrawn 2020 guidance, but the sale of Life and NZ is progressing. The broker has marked to market for funds under management but also adjusted remediation assumptions (80% already paid) to remove some duplication of earlier numbers.
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AMP – Citi rates the stock as Sell
Citi analysts have been of the view that, at best, AMP is looking forward to a long road to recovery, and that view hasn't changed. Hence why the rating remains Sell/High Risk. Estimates have been lowered post the release of FY19 financials.
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