NewsBite

AMP fights on all fronts as Ares retracts $6b bid

AMP is bracing for another crunch in profits this year as it races to stop investors pulling further billions out of its funds management businesses and revealed it was dumped at the altar by its only suitor, US-based Ares Management.

With new chairwoman Debra Hazelton’s drawn out “portfolio review” failing to attract any serious corporate interest in AMP’s financial advice, superannuation and banking divisions, chief executive Francesco De Ferrari will slash customer super fees, freeze staff wages and cut costs after finding the 171-year-old company was unable to divorce its perennially underperforming businesses.

Loading...
Michael Roddan is a Walkley Award-winning national correspondent based in Sydney. He is a former business and economics reporter for The Australian. Connect with Michael on Twitter. Email Michael at m.roddan@afr.com
Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com

Read More

Latest In Financial services

Fetching latest articles

Most Viewed In Companies

    Original URL: https://www.afr.com/companies/financial-services/amp-fights-on-all-fronts-as-ares-retracts-6b-bid-20210211-p571li