|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's range||3.0800 - 3.0800|
|52-week range||2.8000 - 5.3700|
|Beta (5Y monthly)||0.88|
|PE ratio (TTM)||30.80|
|Forward dividend & yield||N/A (N/A)|
|Ex-dividend date||17 Sep 2020|
|1y target est||N/A|
The move comes after AMP decided in April to spin off its asset management arm's private markets business and focus on its wealth management units following U.S.-based Ares Management Corp's failed bid to buy the whole company. Under the new model, AMP will introduce a fresh service and fee structure for its advisers and stop owning client relationships. It will instead release "institutional ownership from AMP Financial Planning to advisers", it said.
AMP Ltd will sell its global equities and fixed income (GEFI) business to Macquarie Group's asset management arm, the two companies said on Thursday, as the embattled wealth manager shrinks itself ahead of a spin-off. The announcement comes after AMP, Australia's best-known manager of retirement savings, decided in April to spin off the private markets business of AMP Capital, the unit that holds GEFI, after failing to sell it to Ares Management Corp.
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.