AMP Limited

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AMP Limited
Type Public
Traded as ASXAMP NZX: AMP
Industry Finance
Founded 1849 as friendly society
1998 as public company
Headquarters Sydney, Australia
Key people Craig Meller (CEO)
Peter Mason (Chairman)
Products Financial services
Net income IncreaseA$739 million (2009)
Employees 6,000+
Divisions AMP Financial Services
AMP Capital Investors
AXA Asia Pacific
Website AMP.com.au
AMPCapital.com
AMP Building and AMP Centre. Sydney

AMP Limited is a financial services company based in Australia. It operates primarily in Australia and New Zealand, with its subsidiary AMP Capital having a growing international presence with offices in Bahrain, China, Hong Kong, India, Japan, Luxembourg, Singapore, the United Kingdom and the United States.

AMP formed in 1849 as the Australian Mutual Provident Society, a non-profit life insurance company and Mutual Society.

In 1998, it was demutualised and listed on the Australian and New Zealand stock exchanges. AMP has one of Australia’s largest shareholder registers, with most shareholders living in Australia and New Zealand. This is because when the society demutualised, all policy holders received shares in the new company. Its UK operation was the subject of a demerger in 2003, separating out Henderson Group plc.

Operations[edit]

The company provides financial planning and advice, banking, life insurance, managed funds, superannuation, property, listed assets and infrastructure.

AMP is Australia's largest retail and corporate superannuation provider, and is the largest life risk business in Australia. One of AMP's subsidiaries, AMP Capital, is the aligned wealth manager, with more than A$128 billion[1] in assets under management, making it one of the largest asset managers in the Asia Pacific (excluding Japan) region.

AMP has three main business units:

  • AMP Financial Services provides financial planning advice, superannuation, retirement savings and income products, investments, risk insurance and selected banking products. These products and services are primarily distributed through a network of self-employed financial planners. AMP Financial services contributes the vast majority of group revenue and profit. AMP has been granted a MySuper authority, enabling it to continue to receive default superannuation contribution from 1 Jan 2014.
  • AMP Capital is one of Asia Pacific's largest investment managers. Through a team of investment professionals across the world, it invests in equities, fixed interest, infrastructure, property, diversified funds and multi-manager funds. It is the top 10 global investment manager in infrastructure and top 25 in real estate.[2]
  • AMP SMSF is a newly formed business unit to deliver self-managed superannuation funds (SMSF) administration services to individuals, accountants, stockbrokers and external financial advisers, and develop SMSF advice and packaged solutions.

History[edit]

David Jones was a foundation director in 1848.[3] George King was chairman for fifteen years from the 1850s.[4] Richard Teece was general manager and actuary from 1890 and a director from 1917 to 1927.[5]

AXA merger[edit]

On 15 November 2010, AMP announced a bid to merge its business with AXA Asia Pacific Holdings. The transaction was a joint proposal with AXA SA under which AMP would acquire AXA's Australian and New Zealand business, and AXA SA would acquire AMP's Asian business.

The first day of the merged group operating together was 31 March 2011, with the companies to be gradually integrated and the AXA brand being phased out of the Australian and New Zealand market by 2013.

See also[edit]

References[edit]

  1. ^ as at 31 December 2012
  2. ^ Towers Watson 2011 Global Alternatives survey
  3. ^ Walsh, G. P. (1967). "Jones, David (1793 - 1873)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 27 September 2013. 
  4. ^ Rutledge, Martha. "King, George (1814–1894)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 4 January 2014. 
  5. ^ Bennett, J. M. "Teece, Richard (1847–1928)". Australian Dictionary of Biography. Canberra: Australian National University. Retrieved 27 September 2013. 

External links[edit]