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.