AMP severs broking service as new chairman confirmed
AMPhas announced it will close its Australian Financial Services division’s broking service as of tomorrow, at the same time as the group anointed a new chairman to replace the outgoing Stan Wallis.
AMP Financial Services says the returns it received on its broking service did not warrant the continued investment needed to develop its on-line broking function.
The service available through AMP Broking had been provided by JDV, a division of Hartley’s Limited.
AMP says its customers could continue to trade directly with the stockbroking network provided by JDV, including access to their existing watchlists and trading history, as well as extra services including an on-line margin lending facility.
Meanwhile, the group has announced that Peter Willcox, who joined the AMP board in September, has been appointed deputy chairman and will succeed Stan Wallis as chairman when Wallis retires from the board in July next year.
Willcox's previous experience in the financial services industry includes a stint on the Lend Lease board between 1994 and 2000. He has also been a director of MLC between 1998 and 1999 and a director of Schroders Australia from 1994 to 1999.
Wallis indicated in late September that he would step down as chairman after overseeing the appointment of a new permanent chief executive officer following the departure of Paul Batchelor, a position that has been filled by Andrew Mohl.
AMP also announced yesterday it had appointed Paul Dyer as the new chief investment officer of AMP Henderson Global Investors in New Zealand.
AMP Henderson managing director Catherine Savage says Dyer will oversee the domestic fixed interest and equities operations as well as strategic and tactical asset allocation.
The position was previously held by Chris Wozniak, who will take up a senior role within Henderson Global Investors in the United Kingdom.
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