S&P quick to remove AXA from indexes
Standard & Poor’s (S&P) Indices has already announced it will remove AXA Asia Pacific Holdings from the S&P/ASX indexes following the company’s acquisition by AMP.
The acquisition is still subject to shareholder and final court approval, with the shareholder vote to be held today and final court hearing next Monday, 7 March.
AXA APH will be removed from the indexes after the close of business next Tuesday, 8 March if the approvals are granted, S&P stated.
AXA will be replaced in the S&P/ASX 50 by Alumina, and in the S&P/ASX 100 and 200 by QR National, according to S&P.
Recommended for you
As the first quarter of 2024 comes to a close, Money Management looks back on the corporate regulator’s bans and AFSL cancellations in the financial advice sector.
Insignia Financial is holding ‘relatively steady’ onto its rank as Australia’s second-largest financial advice licensee after the Godfrey Pembroke exit but Count is hot on its heels.
Liberal senator Slade Brockman has said the government needs to have a “cold hard look” at the level of regulation in the financial advice space and the costs of running a business.
FAAA chief executive, Sarah Abood, has warned changes in the first tranche of the QAR legislation around advice fees documentation could create more work for advisers rather than less.