All AXA directors sign off on AMP bid
The way has been substantially cleared for AMP to complete is acquisition of AXA Asia Pacific with all of AXA AP’s independent directors now having supported the merger proposal filed earlier this week.
The unanimous decision by the AXA independent directors was confirmed to the Australian Securities Exchange (ASX) this morning and welcomed by AMP Limited, with chairman Peter Mason issuing a statement saying the merged businesses would represent a new force in financial services.
“The merged businesses will have a significant share in one of the world’s fastest-growing and most successful wealth management markets,” he said.
AMP chief executive Craig Dunn said the merged company would have the scale and expertise to provide Australia and New Zealand consumers with an improved range of low cost, simple options and would adopt a multi-brand planner strategy.
“One of the attractions of this merger is the diversity of financial planner models that AXA AP brings to the table,” he said. “The combined company will have around 2,900 financial planners who will provide Australians and New Zealanders with a whole range of different financial planning services.”
AUTHOR
Mike Taylor
Recommended for you
With the final tally for FY25 now confirmed, how many advisers left during the financial year and how does it compare to the previous year?
HUB24 has appointed Matt Willis from Vanguard as an executive general manager of platform growth to strengthen the platform’s relationships with industry stakeholders.
Investment manager Drummond Capital Partners has announced a raft of adviser-focused updates, including a practice growth division, relaunched manager research capabilities, and a passive model portfolio suite.
When it comes to M&A activity, the share of financial buyers such as private equity firms in Australia fell from 67 per cent to 12 per cent in the last financial year.
