The wealth giant has confirmed it will delist from the New Zealand Exchange (NZX) main board as it continues to look at simplifying shareholder administration ahead of a planned demerger of its private markets business next year.
“The delisting reflects the smaller number and lower level of holdings of AMP shareholders on the New Zealand Exchange, following greater accessibility of the ASX to New Zealand-based shareholders,” AMP said on Tuesday.
Last month, AMP provided an update on the demerger, which is expected to be completed in the first half of 2022. “Clear perimeter” had been set with the agreed sale of the global equities and fixed income business and transfer of the multi-asset group to AMP Limited.
Preparation for the demerger accelerated earlier this month when AMP completed its exit from its former life insurance and mature business, AMP Life.
AMP chief executive Alexis George said the demerger will assist both businesses in increasing focus on their respective markets and provide more opportunities for growth.
“In wealth management, we have shifted from a vertically integrated proposition to a contemporary, customer-led service provider. We have invested in our bank to be able to grow in a deep and competitive market,” Ms George said.
“We see a significant gap in the market in retirement and have strong capability within our business to better serve this market. We also believe we can further scale our business by taking our products direct to clients.
“Immediate priorities are to get the demerger done, meet our commitments on costs, drive forward on growth opportunities in bank and platforms, and set up AMP for a strong future.”
Neil Griffiths
Neil is the Deputy Editor of the wealth titles, including ifa and InvestorDaily.
Neil is also the host of the ifa show podcast.
