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
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
