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
ASIC has permanently banned a former Perth adviser after he made “materially misleading” statements to induce investors.
The Financial Services and Credit Panel has made a written order to a relevant provider after it gave advice regarding non-concessional contributions.
With wealth management M&A appetite only growing stronger, Business Health has outlined the major considerations for buyers and sellers to prevent unintended misalignment between the parties.
Industry body SIAA has said the falling number of financial advisers in Australia is a key issue impacting the attractiveness and investor participation of both public and private markets.
