The wealth giant has been hit with a lawsuit by the corporate regulator over allegations related to its charging of dead customers for life insurance and advice fees.
Property group GPT is joining the rush with its listed real estate investment trusts (REIT) peers into increasing its funds management platform,which is run through its wholesale office and shopping centre trusts.
Australia’s low interest rates,stable economy and handling of the global pandemic has made the country one of the more popular destinations for foreign capital.
The wealth giant’s board has endured a fiery AGM where shareholders questioned everything from board competency to long-term sustainability of the business.
The real estate investment trust has triumphed in its bid to wrest control of the $5.4 billion wholesale property managed by AMP Capital,leaving the parent AMP business wounded.
AMP has redefined bad optics. It may need to pay up to $70 million to executive rainmaker Boe Pahari,who was accused of sexual harassment.
AMP has ended its sale process without signing a deal with US investment firm Ares. It will spin off and separately list AMP Capital’s private markets business,with controversial executive Boe Pahari to leave the company.
Liberal senator Andrew Bragg has suggested regulations could force super funds’ representative bodies to merge in an aim to reduce account fees and improve returns.
AMP’s incoming chief executive will be paid $500,000 less than her predecessor. But corporate governance experts say this has nothing to do with gender and is still above average.
The glass cliff phenomenon is used to illustrate the tendency for women to be placed in executive positions in struggling companies where the risks of failure are great. AMP fits the description perfectly.
AMP has announced chief executive Francesco De Ferrari will leave the company within months,one week after speculation over the wealth manager’s leadership sent the group into a trading halt.