IPO abandoned, AMP beds down wealth business
They will be responsible for delivering its growth strategy and providing high-quality advice, services and greater benefits to clients.
Chief executive Blair Vernon said: “As we complete the separation and sale of AMP’s life insurance businesses through 2019, we will establish AMP Wealth Management New Zealand as a standalone business 100% owned by AMP, with a single-minded focus on providing best in class retail investment, retirement solutions and advice for clients. This is underpinned by the highly experienced and committed executive team we have announced today.
“We will begin to transition to the new structure ahead of the AMP Life transaction, but until the separation is complete we are firmly focused on continuing to run our current business and supporting our clients, advisers and communities in the same ways we do today."
He said group chief executive Francesco De Ferrari had in February reaffirmed AMP’s commitment to the AMP Wealth Management New Zealand business with a clear mandate for growth, and deferred any further consideration of an IPO.
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