AMP puts halt to share trading
AMPhas today placed a trading halt on its shares after they plunged more than 7 per cent yesterday on the back of investor concern about the group’s UK based Pearl operations not meeting its minimum regulatory capital requirements until the end of the year.
The share price tumbled to an all-time low of $11.84 which was 40 per cent below this year’s high of $19.63, achieved at the end of March.
The financial services giant has suspended trading of its shares until Tuesday, or at least until the group releases a statement to the market regarding its Pearl business.
Yesterday, the company confirmed that it replaced assets in its UK businesses inadmissible for UK regulatory purposes with admissible assets to the tune of $1 billion.
It also announced the closure of AMP Pearl and AMP London Life annuity and with-profits bond products, as well as a review of bonus declaration levels and a reduction of UK equities exposure.
When contacted, AMP would not comment any further pending the announcement released to the market, expected today.
Recommended for you
Technology firm Iress and investment manager Challenger have formed a strategic partnership to launch an adviser solution to better serve their retiring clients.
There have only been a “handful” of opportunities in the last 20 years when infrastructure has looked as cheap relative to equities as it does now, according to Lazard, making it a viable option to provide portfolio security amid market volatility.
The Australian Financial Complaints Authority has reported an 18 per cent increase in investment and advice complaints received in the financial year 2025, rebounding from the previous year’s 26 per cent dip.
EY has broken down which uses of artificial intelligence are presenting the most benefits for wealth managers as well as whether it will impact employee headcounts.
