AMP accelerates transformation alongside 'portfolio review'
AMP Limited has signalled it will be accelerating its business transformation strategy on the back of a third quarter cashflows update revealing a slight increase in its Australian wealth management business.
The company said its portfolio review was also progressing with its on-market share buyback on hold until after the portfolio review.
The company’s update, released to the Australian Securities Exchange (ASX) today, revealed assets under management in the Australian wealth management business had increased by 0.3% to $121.4 billion supported by improved investment markets.
Commenting on the update, AMP chief executive Francesco De Ferrari said the business had performed resiliently.
“Assets under management have increased slightly in our wealth management businesses in Australia and New Zealand and we are resilient in AMP Capital,” he said. "AMP Bank continues to adapt in a challenging market environment as we complete the renovation of our core systems to enable future growth.”
“As we move into the second year of our three-year strategy, we are accelerating our business transformation, and continuing to mitigate our legacy issues including our client remediation program which remains on track to complete in 2021,” he said.
“Our portfolio review, announced this quarter, is progressing in parallel and is being managed without delay to our transformation.”
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