Great British news for AMP faithful
Long-suffering AMP shareholders have finally received some good news from the UK, with spin-off HHG recording a 38 million pound profit for calendar year 2004.
This follows a disastrous 847 million pound loss in 2003, the year AMP quarantined the troubled British business from its Australasian operations.
At the time, shareholders received one London-listed HHG share for each AMP share they owned.
Profit at HHG’s funds management arm, Henderson Global Investors, rose 63 per cent to 52 million pounds for calendar 2004.
“This reflects the recovery in equity markets from their low in early 2003 and an improvement in fee margin,” said HHG in a statement accompanying the results.
HHG shareholders will recoup 885 million pounds next month from the sale of the troubled life insurance businesses to British entrepreneur Hugh Osmond.
The company will then be renamed Henderson Group, comprising the funds management business and financial planning firm Towry Law.
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