AMP Stock

AMP Limited operates as a wealth management company.

The company engages in the retail banking business and international investment management business. The company provides retail customers with financial advice and superannuation, retirement income, banking, investment products and life insurance. The company also provides corporate superannuation products and services for workplace super and self-managed superannuation funds (SMSFs).

The company, through AMP Capital investment management companies (AMP Capital), manages investments across major asset classes, including equities, fixed income, infrastructure, real estate, diversified, multi-manager and multi-asset funds, for domestic and international customers. AMP Capital also provides commercial, industrial and retail real estate management services. AMP Capital holds a 15% stake in China Life AMP Asset Management Company Limited, a funds management company, which offers retail and institutional investors in China access to leading investment solutions.

The company also owns a 19.99% stake in China Life Pension Company. AMP Capital has a strategic alliance with leading Japanese bank, Mitsubishi UFJ Trust and Banking Corporation (MUFG: Trust Bank) through which MUFG: Trust Bank holds a 15% minority interest in AMP Capital Holdings Limited.

In November 2019, the company brought together Australian wealth management and AMP Bank into AMP Australian Fixed Interest Index Fund (AMP Australia), providing clear management accountability for the delivery of the company’s retail client offering.

Segments

Australian Wealth Management (WM)

The Australian WM segment provides retail and corporate customers with superannuation, retirement income and investment products and services. WM includes the company’s aligned and owned advice businesses and SuperConcepts. This segment provides financial advice services (through aligned and owned advice businesses), platform and software administration (including SMSF), unit linked superannuation, retirement income and managed investment products business in Australia. Superannuation products include personal and employer sponsored plans with insurance.

AMP Bank

AMP Bank is an Australian retail bank participating in residential mortgage lending and retail and platform deposits. AMP Bank distributes its solutions by leveraging the company’s advice network, brokers and directly. AMP Bank offers residential mortgages, deposits, and transaction banking. It also has a portfolio of practice finance loans. AMP Bank distributes through the company’s aligned distribution network, as well as third party brokers, and direct to retail customers via phone and online.

AMP Capital

AMP Capital is a diversified investment manager, managing investments across major asset classes, including equities, fixed interest, infrastructure, real estate, diversified, multi-manager and multi-asset funds. AMP Capital also provides commercial, industrial and retail real estate management services.

In 2012, AMP Capital and Mitsubishi UFJ Trust and Banking Corporation (MUFG: Trust Bank) formed a strategic business and capital alliance. As part of that alliance, MUFG: Trust Bank acquired a 15% ownership interest in AMP Capital. The initial five year agreement between AMP Capital and MUFG: Trust Bank was renewed in 2017. In 2013, AMP Capital established a funds management company in China with China Life called China Life AMP Asset Management Company Limited (CLAMP). AMP Capital is a founding shareholder, holding a 15% stake, with the balance held by China Life Asset Management Company, a subsidiary of China Life.

New Zealand Wealth Management

The New Zealand Wealth Management segment encompasses the wealth management, financial advice and distribution business in New Zealand. It provides customers with a variety of wealth management solutions, including KiwiSaver, corporate superannuation, retail investments and a wrap investment management program.

Dispositions

In July 2020, the company sold its life insurance business, AMP Life, to Resolution Life Australia Pty Ltd.

Strategy

The company intends to divest Australian and New Zealand wealth protection and mature to help fund the new strategy, simplify the company and shift capital toward higher-growth businesses; further localise New Zealand wealth management, exploring options to divest the business; reinvent wealth management in Australia, helping clients realise their ambitions (grow contemporary solutions in Australian wealth management, including a focus on direct-to-client channels and digital solutions; further integrate AMP Bank (AMP Bank Limited) solutions with Australian wealth management, continuing strong growth and targeting double digit earnings growth over the medium term; and o fix legacy issues in Australian wealth management, including reshaping aligned advice (buy back changes; fewer, more productive advisers), simplifying super); continue to expand global footprint in real assets, growing customised solutions; o build on relationships in China, Japan, the U.S.; explore opportunities to expand global equity capabilities into international markets; and target double-digit earnings growth over the medium term.

History

AMP Limited was founded in 1849.