AMP dumps plans to exit wealth in NZ
AMP Limited has dumped plans to divest its New Zealand wealth management business.
The company has announced to the Australian Securities Exchange (ASX) that it has ceased planning for the divestment because of the economic and financial markets disruption caused by the COVID-19 pandemic
It said that the New Zealand wealth management business would be retained by AMP and would now focus on plans to develop and grow the business in its existing markets.
AMP said it had held discussions with a number of interested parties regarding the divestment but the offers received did not meet the company’s expectations.
Recommended for you
BT is to launch a new low-cost “Focus” investment menu for its Panorama platform this October, in partnership with Vanguard, seeking to compete with industry superannuation funds.
Net gains of financial advisers have already doubled since the start of FY25, according to this week’s Padua Wealth Data, with momentum gathering pace far faster than the previous financial year.
National advice firm MiQ Private Wealth has appointed a new chief executive to lead the business through a “transformative era” after penning a partnership deal with AZ NGA earlier this month.
WT Financial’s managing director, Keith Cullen, believes the firm’s Hubco model with Merchant Wealth Partners will be a “repeatable growth model” for the business as it scales its adviser numbers.
