AMP announce NZ wealth IPO
AMP will float off its New Zealand wealth management business.
The company announced that it intended to divest the New Zealand wealth management and advice business via an initial public offering (IPO) next year.
It said the decision to proceed with an IPO and its timing remained subject to market conditions and regulatory approvals.
The announcement said the businesses had financial year 2018 pro forma operating earnings of approximately $40 million on a standalone basis.
It said the IPO would release capital to AMP and create a standalone New Zealand wealth management and advice business.
Recommended for you
Compared to four years ago when the divide between boutique and large licensees were largely equal, adviser movements have seen this trend shift in light of new licensees commencing.
As ongoing market uncertainty sees advisers look beyond traditional equity exposure, Fidante has found adviser interest in small caps and emerging markets for portfolio returns has almost doubled since April.
CoreData has shared the top areas of demand for cryptocurrency advice but finds investors are seeking advisers who actively invest in the asset themselves.
With regulators ‘raising the bar’ on retirement planning, Lonsec Research and Ratings has urged advisers to place greater focus on sequencing and longevity risk as they navigate clients through the shifting landscape.
