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
As the industry navigates the fallout from recent product failures, two major AFSLs have detailed their APL selection process and relationship with research houses, warning a selection error could “destroy” a licensee.
The impending retirement of financial advisers in their 50s could see the profession face significant succession challenges over the coming decade and younger advisers may not be the answer.
With a third of AFSLs being solo advisers, how can they navigate key person risk and ensure they are still attractive propositions for buyers when it comes to their succession planning?
A quarter of advisers who commenced on the FAR within the last two years have already switched licensees or practices, adding validity to practice owners’ professional year (PY) concerns.
