AMP Share Price History
10 May, 2021
Long term investing works well, but it doesn't always work for each individual stock. It hits us in the gut when we see...
29 Apr, 2021
This follows the announcement on 23 April 2021, by AMP Ltd. ("AMP") that it had ended its discussions with Ares Management Corporation ("Ares") regarding a potential sale of AMP's infrastructure equity, infrastructure debt and real estate ("Private Markets") businesses. The methodology used in rating AMP Bank Limited was Banks Methodology published in March 2021 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1261354.
23 Apr, 2021
(Bloomberg) -- AMP Ltd. is splitting off its private markets business after Australia’s oldest wealth management firm ended talks about a possible sale to Ares Management Corp.The months-long discussions with Los Angeles-based Ares have now concluded, AMP said in a statement Friday. Instead, the demerged entity of AMP Capital’s infrastructure and real estate units will be listed on the Australian stock exchange. As part of the separation, Boe Pahari, who was demoted last year from his position atop the investment management unit after a sexual harassment scandal, will leave the business.The decision provides some clarity for investors after a tumultuous period for the firm left its shares trading near an all-time low. AMP Ltd., to be run by Alexis George from the third quarter of 2021, will retain a stake of up to 20% in the spun-off firm, that will continue to be led by David Atkin amid an international search for a new chief executive officer.“It’s a real chance to really start fresh,” Jessica Amir, a market analyst at Bell Direct, said by phone. “The funds management industry is completely different to financial advice. Two separate businesses, two separate futures, so it’s a real fork in the road and a real opportunity for change.”AMP shares all but erased an early 8% gain in Sydney trading Friday to close less than 1% higher. The stock has tumbled 27% this year.Ares earlier this year scrapped a A$6.4 billion ($4.9 billion) takeover offer for the entire company as the wealth unit continued to struggle and instead had offered to pay A$1.35 billion for a 60% stake in the private markets business.The spin off is expected to be completed in the first half of 2022. Having concluded the review of AMP’s portfolio, the board will start a share buy-back of up to A$200 million.“We have had substantial and constructive discussions with Ares regarding a sale, however, we have not been able to reach an agreement that would deliver appropriate value for our shareholders,” AMP Chair Debra Hazelton said in the statement. “The board has therefore concluded a demerger provides investors with the strongest value outcome, creating two more focused entities, with the agility to pursue new growth opportunities in their respective markets.”Simple StructureThe private markets unit will put in place a new management equity plan in an attempt to attract and retain a high quality investment team, according to the statement. The demerger will simplify its structure and allow it to establish a new brand, the statement said.To be sure, there’s “a great deal of uncertainty” around AMP Capital given clients continue to pull cash, while the wealth management unit is facing profitably issues, UBS Group AG analysts led by Andrew Adams wrote in a note to clients. Shareholders will also have to pay the separation costs, pay down debt and likely another major cost cutting program, he wrote.“Further capital management, which was a big part of the positive AMP thesis, now looks unlikely,” according to the note. The spin-off is “a less than ideal outcome.”(Updates with closing shares in fifth paragraph)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
22 Apr, 2021
Embattled Australian wealth manager AMP Ltd has ended protracted talks to sell its asset management arm's private markets business to Ares Management Corp, instead announcing on Friday it will spin off and re-brand the unit. The restructure is expected to be completed in the first half of fiscal 2022, and will be followed by a A$200 million ($154 million) share buyback. It downgraded that in February to a proposal to take a majority stake in AMP Capital's private business.
21 Apr, 2021
AMP Ltd saw A$1.5 billion ($1.16 billion) in net outflows at its Australian wealth management business in the first quarter as the troubled financial firm continues to lose clients, sending its shares to a more than one-year low. The wealth manager did not give an update on its talks with U.S. private equity fund Ares Management, which last month expressed interest in buying all of its private market business that falls under its asset management arm, AMP Capital. That unit saw net outflows of A$2.9 billion, including A$1.3 billion largely from external clients.
01 Apr, 2021
The move comes just days after AMP firmly rejected a media report that De Ferrari had resigned. It was welcomed by analysts and investors as a signal of a new willingness by AMP to distance itself from a three-year period marked by corporate culture questions and scathing regulatory criticism that saw it lose three-quarters of its market value. Former Credit Suisse banker De Ferrari took over in 2018 with a remit to stabilise AMP following scathing criticism in a government inquiry into the financial sector found widespread misconduct within the company that led to an exodus of clients and the share slide.
28 Mar, 2021
Last month, Ares had withdrawn a A$6.36 billion takeover proposal for the entire company, instead continuing talks over its asset management arm AMP Capital, which houses the private markets business and is considered its most valuable unit. The talks come as AMP has seen its value plunge in recent years after a banking royal commission revealed widespread misconduct within the wealth manager, leading to an exodus of clients even as other scandals came to light. AMP said it continued to work with Ares towards a potential deal, with the latter now showing interest in buying the entirety of AMP Capital's private markets businesses, against an initial plan to buy a 60% stake for A$1.35 billion ($1.03 billion).
Troubled Australian wealth manager AMP Ltd said on Monday that Ares Management was interested in a potential buyout of its A$2.25 billion ($1.72 billion) private markets business, nearly a month after the U.S. private equity fund withdrew its takeover bid for the parent company. Last month, Ares had withdrawn a A$6.36 billion takeover proposal for the entire company, instead continuing talks over its asset management arm AMP Capital, which houses the private markets business and is considered its most valuable unit. The talks come as AMP has seen its value plunge in recent years after a banking royal commission revealed widespread misconduct within the wealth manager, leading to an exodus of clients even as other scandals came to light.
Wealth manager AMP Ltd said on Monday that U.S.-based Ares Management Corp was interested in buying a 100% stake in its asset management arm's private markets business, at the end of a 30-day exclusivity period between the two parties. AMP said it and Ares continued to work towards a potential deal, with Ares showing interest in buying the entirety of the private markets businesses, against the initial plan to buy a 60% stake that was announced in February.
09 Mar, 2021
As part of the deal, four-year old Global Companies Fund with more than $500 million of assets under management would be transferred to Fiera Capital. AMP Capital's four-person investment team would also move to Fiera Capital, AMP said.
25 Feb, 2021
U.S.-based Ares Management plans to buy 60% of the private markets business of AMP Ltd's asset management arm for A$1.35 billion ($1.06 billion), the pair said on Friday, weeks after scrapping a bid for all of the Australian company. Under the deal, the Australian wealth manager will retain 40% of AMP Capital's private markets business, worth A$900 million, which deals in infrastructure and real estate investments. The whole joint venture is valued at A$2.25 billion.
Under the deal, the Australian wealth manager will retain 40% of AMP Capital's private markets business, worth A$900 million, which deals in infrastructure and real estate investments. The whole joint venture is valued at A$2.25 billion. Earlier in February, AMP said Ares had withdrawn a A$6.36 billion takeover proposal for the whole company, instead continuing talks over AMP Capital - considered its most valuable unit.
23 Feb, 2021
Australia's AMP Ltd andformer suitor U.S.-based Ares Management are close toagreeing a joint venture that would give the American fundcontrol of its asset management business AMP Capital, a sourcewith knowledge of the deal said. Representatives for AMP, which on Feb. 11 said Ares hadwithdrawn a A$6.36 billion ($5.03 billion) takeover offer forthe whole company, declined to comment. Representatives for Ares also declined to comment whencontacted by Reuters.
11 Feb, 2021
NEW YORK, NY / ACCESSWIRE / February 11, 2021 / AMP Ltd. (OTC PINK:AMLTF) will be discussing their earnings results in their 2020 Second Half Earnings call to be held on February 11, 2021 at 11:00 AM Eastern Time.
30 Dec, 2020
If you want to know who really controls AMP Limited ( ASX:AMP ), then you'll have to look at the makeup of its share...
06 Dec, 2020
By Gina Lee
29 Nov, 2020
By Gina Lee
02 Nov, 2020
Embattled Australian wealth manager AMP Ltd on Monday said a conditional buyout offer from U.S.-based Ares Management Corp had an implied value of A$6.36 billion ($4.47 billion), triggering a jump in its share price.
31 Oct, 2020
We often see insiders buying up shares in companies that perform well over the long term. Unfortunately, there are...
30 Oct, 2020
(Bloomberg Opinion) -- If you could have bought the future earnings of the members of Destiny’s Child in 2001, would you really have turned it down because you weren’t sure where Kelly Rowland’s career was headed?That’s a good analogy for Ares Management Corp.’s interest in AMP Ltd., the Australian asset manager that’s lost more than two-thirds of its value over the past three years amid an official investigation into misconduct in the financial sector, combined with boardroom turmoil and a sexual harassment scandal. While the focus has been on the problems of AMP’s retail divisions, it still has a Beyonce on its books that a bold investor can pick up on the cheap.Years of bad publicity have been devastating to AMP’s retail-focused wealth management business. Revenues that were running at more than 1.1% of assets under management five years ago will be in the region of 0.7% this year. Even that’s not enough to stem the flood of withdrawals from customers. Net cash outflows since the start of 2018 have amounted to about A$14.67 billion ($10.34 billion), equivalent to nearly half a billion dollars a month.Things look very different, though, when you consider AMP Capital. This division is a global infrastructure and real estate business that could be likened to Macquarie Group Ltd., with investments in airports, rolling stock, parking garages and office blocks across multiple continents.Macquarie is currently valued at about 7.6% of its A$607 billion in assets under management, at the higher end of the typical 3% to 8% range for the sector. Ares, for its part, runs at about 6.1% of its $179 billion AUM. Even after surging 22% Friday on news of the takeover interest from Ares, the whole of AMP is worth only A$5.36 billion. That's roughly 3.4% of AMP Capital’s A$190 billion in AUM, and 2.1% compared with the A$253 billion at the group as a whole.Suppose the retail-focused wealth management business and bank turn out to be duds. Ares is still picking up a global infrastructure investor on the cheap, at a time when the prospects for such businesses look rosy. Record-low interest rates and pandemic-hit global economies are likely to start channeling yet more money into physical assets over the coming years.The problems with AMP’s core business have even been modestly beneficial to AMP Capital. The fees it charges to the company’s wealth management arm, at 18.1 basis points in the first half of this year, are not much more than a third of the 45.7 basis points levied on external investors. As AMP’s wealth management customers withdraw their cash and external investors show ongoing demand, that’s weighting the business more and more toward its most profitable clients. Fee income last year was up 56% over its levels five years earlier.To be sure, any buyer is going to have to decide what to do with those retail businesses. It’s anyone’s guess when the tarnished image of AMP’s wealth management arm will recover. Meanwhile, its bank has a A$20.21 billion mortgage book that’s likely to suffer from a shaky pandemic-hit property market and net interest margins that are being squeezed by competition. Still, it’s not impossible that a new American owner could help on that front. AMP was traditionally one of Australia’s most widely held stocks. Only Commonwealth Bank of Australia has more individual shareholders than AMP’s 723,387. That means that the twists and turns of its half-yearly reporting cycle are a constant reminder of its troubled past to local investors who should be its core customer base. If you wanted to rebuild AMP’s image, there would be worse ways of doing it than burying its performance in humdrum aggregate numbers reported out of Los Angeles.This column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.David Fickling is a Bloomberg Opinion columnist covering commodities, as well as industrial and consumer companies. He has been a reporter for Bloomberg News, Dow Jones, the Wall Street Journal, the Financial Times and the Guardian.For more articles like this, please visit us at bloomberg.com/opinionSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.