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AMP moves to calm demerger fears

AMP has moved to reassure shareholders on the progress of its proposed demerger amid heightened speculation about its future following press reports criticising its asset management arm Henderson Global Investors and a downgrade from rating agency Moody&#39s.

Last week, Moody&#39s downgraded the group&#39s rating based on concern that the demerger of AMP&#39s UK and Australian arms will result in reduced shareholder equity following asset writedowns and capital splitting between the two arms, increasing leverage.

A leaked confidential draft audit document reportedly warns of shortcomings in Henderson&#39s risk controls, exposing it to “significant financial and reputational damage”. Henderson&#39s says it is too premature to comment on the findings as it does not know what the final report will contain.

AMP chief executive And-rew Mohl released a Stock Exchange statement on Monday saying the firm is concerned about “persistent market speculation” about the capital structure of the company post-demerger and its reset preferred securities.

He says it is on target to complete the demerger before the end of the year and that operating margins underlying group earnings and UK writedowns are in line with guidance given in May.

Mohl says: “We are working to inform investors on the status of AMP against this uncertainty and the fact that a number of the complex issues associated with the demerger are yet to be resolved.”


C&G introduces incentives for intermediaries

Cheltenham &GLoucester is introducing a range of incentive payments to intermediaries selling its general insurance products such as building & contents and mortgage payment protection.Insurance incentive payments will only be made on condition that a loan of a minimumof £25,000 is arranged through C&G. A payment of £25 will be paid for building and/or contents […]

Karen Ritchie

I the pleasant surroundings of Cambridge in a region of Britain with the lowest proportion of female IFAs, a small firm of all-women advisers has been growing rapidly in clients and holdings – as well as repute.Karen Ritchie and her partners set up Finance4Women in 2002 with a view to providing advice for the women […]

Henderson and Artemis back Inter-Alliance share issue

Fund firms Artemis and Henderson have joined HBOS in heading a group of institutional investors placing £15m in a new share issue from national IFA Inter-Alliance.Henderson is placing £2.6m for a 14 per cent stake in the firm while HBOS and Artemis are both paying £1.5m for 8 per cent stakes, with the remaining £9.4m […]

By the light of the moon

Is it the constellation of the planets or the effects of the hot weather?The Diary can report more moon sightings by MM reporters on trips with life offices. One exhibitionist bared all to the crowds exiting the Robbie Williams&#39 concert in Dublin last week. The same eagle-eyed hack who copped an eyeful at the Clerical […]

Lifetime ISAs – International Evidence

By Fiona Tait, Pensions Specialist Since the announcement in March, the Lifetime ISA (LISA) has attracted controversy. Heralded as a saviour for the self-employed and the young wanting to get on the housing ladder, the new LISA risks adding confusion for savers trying to fully understand the benefits of new workplace pension savings through auto-enrolment. To […]


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