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☆ Federal court rules against Australia's AMP in class action proceedings, shares tank
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +1 min

July 5 (Reuters) - Australia's AMP Ltd (AMP.AX) tanked on Wednesday after the country's federal court ruled against the wealth manager in class action proceedings that challenged the validity of some of the changes to its 'buyer of last resort' policy. AMP was also the top loser on the benchmark index (.AXJO), which was last down 0.4%. The court, on Wednesday, determined amounts payable in the amount of A$813,560 and A$115,533 to the class action's lead applicant Equity Financial Planners and sample group member Wealthstone, respectively. AMP acknowledged the court's decision and noted a process will be required to determine the impact of the decision on other group members of the class action suit, subject to any appeal. "Noting the complexity of the matter, AMP is reviewing the judgment in detail to determine the full effect of the judgment and its next steps," AMP added.

Persons: tanked, Wealthstone, Himanshi, Krishna Chandra Organizations: Australia's AMP, AMP, Financial Planners, Thomson Locations: Bengaluru

☆ AMP names Blair Vernon as CFO, dissolves Australian wealth management structure
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

May 29 (Reuters) - Australia's AMP (AMP.AX) said on Monday Blair Vernon will take over from Peter Fredricson as its chief financial officer and will dissolve the structure of its local wealth management arm in a bid to simplify its operational model. Shares of the 174-year-old wealth manager traded 1.4% higher as at 0224 GMT, marking their second straight session of gains. The move comes as assets under management at AMP's flagship Australian wealth management (AWM) unit fell about 13% to A$124.2 billion ($84.24 billion) for the year ended Dec. 31, affected by the decline in investment markets, and net cash outflows of A$5.3 billion. The company will also dissolve the AWM CEO role as part of its simplified structure, resulting in the current chief Scott Hartley leaving the Australian wealth manager in six months. ($1 = 1.4743 Australian dollars)Reporting by Navya Mittal and Sameer Manekar in Bengaluru; Editing by Muralikumar Anantharaman, Sherry Jacob-Phillips & Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's AMP names Blair Vernon as CFO, dissolves local wealth management arm
▼ + stars: | 2023-05-29 | by ( ) www.reuters.com time to read: +1 min

May 29 (Reuters) - Australia's AMP (AMP.AX) said on Monday Blair Vernon will take over from Peter Fredricson as its chief financial officer and the wealth manager will dissolve its local wealth management arm in an attempt to simplify the organizational structure. The move comes as assets under management at AMP's flagship Australian wealth management unit fell about 13% to A$124.2 billion ($84.24 billion) for the year ended Dec. 31, affected by the decline in investment markets, and net cash outflows of A$5.3 billion. Fredricson, who joined AMP last year, will be retiring and handing over the ropes to Vernon, who has been with the company for more than a decade. The company will also dissolve the CEO's role in its local wealth management arm, and as a result, the current chief Scott Hartley will be leaving the Australian wealth manager after six months. ($1 = 1.4743 Australian dollars)Reporting by Navya Mittal in Bengaluru; Editing by Muralikumar Anantharaman and Sherry Jacob-PhillipsOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's AMP fined $16.3 mln for charging fees to deceased clients
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

The penalty ordered by the court was under proceedings brought forward by the country's corporate regulator, Australian Securities and Investments Commission (ASIC), in 2021 against AMP trustees – AMP Super and NM Super, AMP Financial Planning, AMP Life and AMP Services. AMP had disclosed in 2018 that it had charged thousands of customers for financial advice it never gave, despite knowing they had deceased as it had no system in place to prevent dead clients from being billed. The company said the court has charged AMP Life and AMP Financial Planning with the fine. The penalty handed down was fully provisioned for by the company in its financial statements for the year ended Dec. 31, 2022, AMP said. ($1 = 1.4743 Australian dollars)Reporting by Riya Sharma in Bengaluru; editing by Uttaresh VenkateshwaranOur Standards: The Thomson Reuters Trust Principles.

☆ Australia's AMP says Q1 fund outflows lower, credit quality strong
▼ + stars: | 2023-04-18 | by ( ) www.reuters.com time to read: +1 min

April 19 (Reuters) - Australian financial services firm AMP Ltd (AMP.AX) said on Wednesday net cash outflows for its flagship Australian wealth management business were 30% lower in the March quarter, while the banking unit's credit quality remained strong. The company also said momentum in loan applications was improving, despite higher interest rates in the country. "While economic conditions have become more difficult for some borrowers, AMP Bank's credit quality remains strong," the company said. The flagship Australian wealth management business saw net cash outflows of about A$606 million ($407.84 million) for the quarter ended March 31, compared with A$873 million of outflows a year ago. ($1 = 1.4859 Australian dollars)Reporting by Harshita Swaminathan; Editing by Anil D'SilvaOur Standards: The Thomson Reuters Trust Principles.

☆ Stocks sputter as growth fears deepen despite China COVID shift
▼ + stars: | 2022-12-07 | by ( Tom Westbrook | ) www.reuters.com time to read: +5 min

MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.2% and Japan's Nikkei (.N225) fell 0.7%. The growth fears rallied longer-dated bonds and helped the safe-haven U.S. dollar to pause its recent retreat. That is more than 80 bps below the two-year yield as investors reckon on high rates hurting growth. The Australian dollar was broadly steady at $0.6680 despite Australian third-quarter growth coming in a bit below forecasts. The U.S. dollar index sat at 105.5.

☆ Stocks rally sputters as growth fears deepen
▼ + stars: | 2022-12-07 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

"We might be transitioning from a situation of worrying about inflation and interest rates, to one where the negatives become weakening growth and falling profits." The growth fears rallied longer-dated bonds and helped the safe-haven U.S. dollar to pause its recent retreat. That is more than 80 bps below the two-year yield as investors reckon on high rates hurting growth. The Australian dollar was broadly steady at $0.6696 despite Australian third-quarter growth coming in a bit below forecasts. The Canadian dollar hovered at 1.3644 per dollar ahead of an expected rate hike from the Bank of Canada later on Wednesday.

☆ Stocks rally sputters as growth fears resurface
▼ + stars: | 2022-12-07 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

SINGAPORE, Dec 7 (Reuters) - Asia's stockmarkets wobbled lower on Wednesday as reality bit on hopes for a soft economic landing in the United States, and investors curbed their enthusiasm about China's reopening. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.4% and Japan's Nikkei (.N225) fell 0.5%. The growth fears rallied longer-dated bonds and helped the safe-haven U.S. dollar to pause its recent retreat. That is more than 80 bps below the two-year yield as investors reckon on high rates hurting growth. The Australian dollar was broadly steady at $0.6707 despite Australian third-quarter growth coming in a bit below forecasts.

☆ Australia's Ampol expects record annual profit; shares tumble on quarterly miss
▼ + stars: | 2022-10-24 | by ( ) www.reuters.com time to read: +2 min

Oct 25 (Reuters) - Australia's Ampol Ltd (ALD.AX) forecast record full-year earnings and posted a threefold jump in quarterly profit on Tuesday, as strong demand for refined products pushed up refining margins at the country's biggest fuel supplier. Its shares, however, sank more than 9%, as its third-quarter net profit missed Jefferies' estimate, amid the company warning of further market volatility. "The market volatility experienced year to date is expected to continue in the period ahead." The company's quarterly net profit on a replacement cost basis, which excludes the impact of inventory and foreign exchange changes, was A$102.5 million ($64.70 million), significantly missing Jefferies' estimate of A$199 million. Refining margin at the Queensland refinery was $15.46 per barrel, significantly higher than $6.76 per barrel a year ago, but below the $32.96 a barrel in the prior quarter.

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