The AMP board’s latest initiative for destroying value
Long-suffering AMP shareholders have been left reeling as tensions between the company’s board and chief executive Francesco di Ferrari spill out into the open.
It’s an extraordinary feat, but the AMP board has managed to find yet another ingenious way to destroy value in the embattled financial services giant.
AMP is now in the final, terse stage of negotiations with Los Angeles-based Ares Management Corporation over the $1.35 billion sale of a 60 per cent stake in its prized asset – the private markets business that sits within AMP Capital.
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Jill Margo was a senior writer at The Australian Financial Review.
