Monday, June 23, 2025
News Wave
No Result
View All Result
  • Home
  • World
  • USA
  • Business
  • Sports
  • Entertainment
  • Technology
News Wave
  • Home
  • World
  • USA
  • Business
  • Sports
  • Entertainment
  • Technology
No Result
View All Result
News Wave
No Result
View All Result
Home World New Zealand

Maintenance mode in NZ as AMP rebuilds… Investment News

18 February 2024
in New Zealand
0 0
Maintenance mode in NZ as AMP rebuilds… Investment News
Share on FacebookShare on Twitter


Alexis George: AMP chief

The freshly cut-down ASX-listed financial services firm, AMP, has set a modest “maintain” target for its NZ wealth operation amid mixed fortunes in Australia.

Announcing the group’s 2023 annual results last week, AMP chief, Alexis George, said the NZ strategy was to “maintain current performance and continue to diversify revenue”.

Year-on-year the NZ wealth arm reported a A$2 million increase in net profit after tax to reach A$34 million, underpinned by a markets-driven bump in assets under management across its KiwiSaver and superannuation funds. The NZ business booked asset-based net profits of A$22 million last year against A$20 million in 2022 with advice contributing a further A$12 million to the bottom-line (a repeat performance).

Investment returns of A$554 million countered net outflows across the AMP NZ fund suite of A$160 million during 2023, bringing total assets under management above A$10.8 billion (about A$10.5 billion at the end of 2022).

However, the AMP KiwiSaver scheme eked out positive net flows of A$144 million over the 12-month period, up $8 million on the previous period. But both the NZ superannuation and retail investment products saw net outflows of A$147 million and A$157 million, respectively, for the year.

Despite flatlining profits, the AMP NZ advisory division reported strong revenue growth, led by a $5.8 million boost from the wholly owned AdviceFirst brand as it absorbed new acquisition, Enableme.

Following the Enableme deal, AMP NZ adviser numbers, including AdviceFirst and in-house, jumped to 68 as at the end of last year versus 54 at the same time in 2022.

AMP also offloaded two ‘legacy’ superannuation funds last year to the Ralph Stewart-run, Lifetime Income group, with collective funds under management of almost NZ$500 million.

NZ contributed just over 17 per cent of the total AMP group annual net profit after tax of A$196 billion.

The result represented a year-on-year increase of A$12 million, flattered by the Australian platform business that grew profits to A$90 million from A$65 million in 2022: profits held steady for the master trust division at A$53 million, fell A$10 million at the bank (A$93 million) while the Australian advice arm lost A$47 million in 2023.

Last year the troublesome AMP Australian advice network reported a A$68 million loss but is looking to rebuild under new boss, Matt Lawler.

The group also settled a long-running legal dispute with former and current advisers over unilateral changes to buyer-of-last-resort agreements. Under the deal finalised last November, AMP will stump up A$100 million to settle claims.

Regardless of the lingering concerns, investors cheered AMP plans to complete its capital return program with A$350 million in dividends slated for this year: the firm has paid out A$750 million to investors since August 2022 after divesting the funds management unit, AMP Capital, and life insurance business.

The AMP share price rose more than 15 per cent last week from just under $1 to close at almost A$1.13.

 



Source link

Loading spinner
Tags: AMPInvestmentMaintenancemodeNewsrebuilds
Previous Post

Nature Has Value. Could We Literally Invest in It?

Next Post

Ex ANZ CIO crosses over to Macquarie; Bessemer makes Aussie alliances; Paul lands UK crytpo advisory spot; Maple-Brown Abbott chief quits; Annuitas schemes head signs out Investment News

Related Posts

US ‘acting in collective self-defence’ claim in New Zealand’s response to bombings – Winston Peters
New Zealand

US ‘acting in collective self-defence’ claim in New Zealand’s response to bombings – Winston Peters

by My News Wave
22 June 2025
0

Foreign Minister Winston Peters acknowledges the U.S. assertion of acting in "collective self-defence" under the UN Charter following its bombings in Iran, while Labour and the Greens urge the New Zealand government to condemn the attacks as violations of international law. Acting Prime Minister David Seymour is expected to address New Zealand's position during today's post-Cabinet press conference. Need More Context? 🔎

Read more
All Blacks, Blues star Caleb Clarke sentenced for fleeing police at high speed on motorcycle
New Zealand

All Blacks, Blues star Caleb Clarke sentenced for fleeing police at high speed on motorcycle

by My News Wave
22 June 2025
0

All Blacks and Blues winger Caleb Clarke has been discharged without conviction for dangerous driving during an emotional court hearing, which included support from his family. The magistrate highlighted that a conviction would have significantly affected his rugby career, and the ruling came shortly after Clarke was named in the first All Blacks squad of 2025. Need More Context? 🔎

Read more
ASB cuts mortgage rates to match rival five big banks
New Zealand

ASB cuts mortgage rates to match rival five big banks

by My News Wave
22 June 2025
0

ASB has announced significant reductions in its fixed mortgage rates, aligning with other major banks; the six-month fixed rate drops by 16 basis points to 5.29%, while the one-year fixed rate decreases by 6 basis points to 4.89%. ASB's executive noted that borrowers now pay 2.5% less interest compared to 18 months ago, potentially saving $12,500 annually on a $500,000 loan. Need More Context? 🔎

Read more
Auckland dog attacks on the rise, how does your suburb compare?
New Zealand

Auckland dog attacks on the rise, how does your suburb compare?

by My News Wave
22 June 2025
0

Auckland is experiencing a significant rise in dog attacks, with nearly 3000 reported incidents last year, an increase of over 1000 from 2020. Experts attribute this surge to a growing dog population post-Covid, fewer desexed pets, and a lack of owner education, while the Auckland Council notes that actual attack numbers may be under-reported. Need More Context? 🔎

Read more
Buyer awarded 5k after deadly landslide led to m Remuera mansion stoush
New Zealand

Buyer awarded $175k after deadly landslide led to $10m Remuera mansion stoush

by My News Wave
22 June 2025
0

A buyer, Ningfei Du, successfully canceled a $10 million purchase of an Auckland mansion due to safety concerns after a landslide caused by January 2023 storms, which also resulted in a fatality nearby. The High Court ruled in March that he could recover his $1 million deposit and awarded him over $175,000 in costs. Need More Context? 🔎

Read more
Parolee Kingirangi Karanga jailed for armed burglary in West Auckland
New Zealand

Parolee Kingirangi Karanga jailed for armed burglary in West Auckland

by My News Wave
22 June 2025
0

Kingirangi Johnson Karanga, a recent parolee, was sentenced to an additional 18 months in prison after holding a gun to his ex-partner in West Auckland, while her toddler walked into the room, urging him to leave. Judge Rebecca Guthrie highlighted the victim's vulnerability during the incident, which influenced the decision to stack the new sentence on top of his existing one for violating parole. Need More Context? 🔎

Read more
News Wave

News Summarized. Time Saved. Bite-sized news briefs for busy people. No fluff, just facts.

CATEGORIES

  • Africa
  • Asia Pacific
  • Australia
  • Business
  • Canada
  • Entertainment
  • Europe
  • India
  • Middle East
  • New Zealand
  • Sports
  • Technology
  • UK
  • USA
  • World

LATEST NEWS STORIES

  • 6 F1 storylines for the Austrian Grand Prix
  • Manchester City thump Al Ain 6-0 at Club World Cup | Football News
  • Mahmoud Khalil describes ICE detention, decries Columbia ‘hypocrisy’
  • About Us
  • Disclaimer
  • Privacy Policy
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact Us

Copyright © 2025 News Wave
News Wave is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • World
  • USA
  • Business
  • Sports
  • Entertainment
  • Technology

Copyright © 2025 News Wave
News Wave is not responsible for the content of external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In