AMP completes capital raising
AMP has now completed the institutional placement announced this morning, raising $450 million in new capital through a placement of 85 million shares at $5.30 per share.
The group increased the size of its announced placement, from $400 million to $450 million, “in response to strong support from investors”.
AMP said it made the placement to “enhance its capital position and increase business flexibility through the ongoing market turbulence”.
AUTHOR
Mike Taylor
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.
