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
Sequoia Financial Group has seen a top-level reshuffle as the chair of the board, John Larsen, steps down after five years in the position.
As statements of advice move into the rear-view mirror, Vital Business Partners explores how financial advisers are adopting innovative documentation strategies.
Adviser Ratings has explored whether there is a financial benefit to advice firms seeking to have a specialised client base in terms of client assets and fees charged.
The Federal Court has approved the $16 million class action settlement regarding Dixon Advisory and Superannuation Services.