AMP Finally Confirms De Ferrari Exit
It took a week but AMP finally confirmed what the market whispers had been saying – ACEO Francesco De Ferrari will retire from the role.
Read MoreIt took a week but AMP finally confirmed what the market whispers had been saying – ACEO Francesco De Ferrari will retire from the role.
Read MoreMore problems for the AMP with one of its most recent deals now looking problematic and perhaps linked to the reports that the CEO, Francesco De Ferrari is on the way out.
Read MoreInstability at the pointy end of two major companies, with TPG executive chair (and founder) David Teoh gone and AMP CEO Francesco De Ferrari on the way out.
Read MoreDrama yesterday about the CEO’s position at AMP Limited as a report on the AFR website claimed CEO Francesco De Ferrari has resigned after two and a half years in the position.
Read MoreDexus yesterday finally revealed a proposal that could see AMP forced to alter or even abandon plans to sell a stake in AMP Capital to US investment group Ares.
Read MoreThe dismemberment of the AMP asset base continues with AMP Capital announcing that it has sold its global fund management business to a Canadian asset manager called Fiera Capital.
Read MoreStruggling AMP has sold a stake in its key asset, AMP Capital to its one time US suitor, Ares in a $2.25 billion transaction.
Read MoreHaving 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.
Read MoreAMP shares plunged yesterday by more than 10% after the company told the ASX that US firm Ares had withdrawn its takeover proposal.
Read MoreNo final dividend and no takeover offer from US investment firm Ares, so it’s back to the drawing board for AMP to see if management can improve the company’s performance.
Read MoreCiti 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.
Read MoreIf US private equity group, Ares follows through with a complete bid for all of AMP’s shares at $1.85 each, then the bid is done and dusted.
Read MoreStruggling wealth giant AMP has confirmed that it has received a takeover proposal from an American private equity firm to acquire 100%, a move that will put the group into play.
Read MoreShares in AMP fell more than 5% on Thursday after the wealth manager revealed another weak quarter with more than two billion dollars in investor outflows in the three months to September.
Read MoreAMP shares rose 3% yesterday in the wake of Moody’s cutting the company’s rating and pushing from the A level (high grade) into the top tier of the B level (more speculative).
Read MoreThe struggling AMP has admitted that its businesses are not performing under their current ownership and has responded to pressure from unsolicited buyers and will look at possible spin-offs, sales, or demergers.
Read MoreAMP shares edged up yesterday in the wake of the shock exit of chairman David Murray and board room supporter, John Fraser, the former head of Federal Treasury.
Read MoreWoohoo, investors loved the AMP’s loss-strewn June half-year report yesterday. The reason? The decision to return of capital to shareholders by way of a special dividend from the sale of AMP Life and a $200 million share buyback (subject to stability in the market).
Read MoreLeaving more questions unanswered, the AMP has undergone another major change in senior management. The embattled financial services group yesterday revealed in a short statement that AMP Australia chief executive Alex Wade has stepped down effective immediately.
Read MoreThe pace of the Australian June 30 reporting season accelerates slightly this week. Among the handful of companies due to report including Resmed (Thursday), Insurance Australia Group (loss), News Corp (loss) and REA (Friday, a smaller profit).
Read MoreAMP has received final regulatory approval for the sale of the life business. Macquarie estimates this leaves AMP with around $950m in excess capital.
Read MoreThe sale of AMP Life is expected to be done after the market closes next Tuesday, June 30 after the deal was ticked off by the Reserve Bank of New Zealand on Tuesday.
Read MoreAMP 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.
Read MoreAMP shares bounced and those of gold miner, North Star resources slid yesterday after both withdrew their 2020 guidance.
Read MoreCiti 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.
Read MoreThe fallen wealth management giant has posted a $2.5 billion full-year loss and scrapped its final dividend after a rough year that saw clients abandon its troubled wealth management arm.
Read MoreA surprisingly upbeat reaction from investors to the news that embattled wealth manager AMP continued to see retail investors move cash out of its funds in the three months to September 30.
Read MoreAMP will merge its bank and Australian wealth unit as part of another shake-up of its structure ahead of the deal to spin off its life insurance arm. The market, however, appears unconvinced.
Read MoreShares in wealth manager AMP fell to new lows yesterday for the embattled wealth manager. The latest selling came on news that one of Australia’s largest investment houses, the Australian Foundation Investment Company (AFIC), has sold its stake in the company.
Read MoreEarly signs show AMP has promise. One of the best in the past two years. It’s possibly time to nibble but not gobble – just yet.
Read MoreThe broker calls AMP’s earnings result “fairly sound” with strong performances in other businesses offsetting pressures in wealth management. The focus was on the probable sale of Life at a rebased price, a $650m equity raise that will be some -15% dilutive and $300m of targeted cost-cuts by FY22.
Read MoreThe once-mighty but now very troubled wealth manager AMP has gone on bended knee to the investment community to ask for $650 million to help it remain afloat.
Read MoreThe sale of the company’s life business is unlikely to proceed on current terms because of the challenges in meeting the Reserve Bank of New Zealand’s criteria. Credit Suisse notes this allows the buyer the opportunity to review its offer and potentially lower the purchase price by over -$1bn.
Read MoreAMP shares are at a new all-time low as several analysts mull a big capital raising to offset the losses incurred by the company in being forced to keep its underperforming life insurance business.
Read MoreWealth management group AMP’s future has taken a major hit with the news yesterday that it is “highly unlikely” to finalise a $3.3 billion deal to sell off its life insurance business because of opposition from New Zealand’s central bank, and it will not pay an interim dividend for the June 30 half year.
Read MoreFirst quarter update revealed Australian wealth net outflows of -$1.8bn. While AMP had indicated weak flows were likely to continue in 2019 the numbers were softer than Morgans expected.
Read MoreNot before time: embattled wealth manager, AMP has scrapped short-term cash bonuses and cut directors’ fees for a second time in less than a year in an effort to avoid a second shareholder strike on remuneration and possible board spill at the annual meeting in May.
Read MoreAMP shares hardly moved yesterday in the wake of Standard & Poor’s cutting the credit rating of the wealth manager for the second time since last August and warned there is a further cut to come that will see the embattled giant lose its A rating.
Read MoreAMP pre-reported so the focus of the 2018 results was on the composition of earnings and what the business might look like going forward.
Read MoreAMP has slashed its final dividend to 4 cents a share in the wake of the worst year in its financial history for more than a decade as the toll of the disclosures from the Hayne Royal Commission hit home.
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