AMP completes $650m capital raising



It seems investors still have faith in AMP Limited, with the company announcing to the Australian Securities Exchange today that it had successfully completed its $650 million capital raising.
It said that approximately 406.3 million new fully paid ordinary shares in AMP would be issued to new and existing institutional advisers.
AMP chief executive, Francesco De Ferrari, said the company was pleased with the strong support it had received from investors.
“The funds raised will allow us to immediately implement our transformational strategy to create a simpler, higher-growth and higher-return AMP that is focused on customers,” he said.
Recommended for you
ASIC’s enforcement action is having an active start to the new financial year, banning a former Queensland financial adviser for 10 years in relation to fees for no service conduct.
ASIC has confirmed the industry funding levy for the 2024–25 financial year, and how much licensees can expect to pay.
Australian licensees are expected to make greater use of custom model portfolios for their clients, according to State Street Investment Management, following in the footsteps of US peers.
Adviser Ratings has argued that it’s time for more advisers to utilise digital engagement tools available to them as a disconnect grows between consumers seeking advice from finfluencers and from professionals.