Has AMP lost its goodwill glow?

The AMP AGM in the Savoy Ballroom at the Grand Hyatt, Melbourne. (AAP Image/Daniel Pockett)

AMP lost $360 million of shareholder value on the day of its bloody annual general meeting. Are investors, like Margin Call, of the view that an ASIC-nudged goodwill writedown is imminent?

Interim executive chair Mike Wilkins, 60, surely didn’t dispel that line of thinking at today’s torrid AGM at Melbourne’s Grand Hyatt.

“AMP is a great brand and it has been tarnished,” Wilkins told the luxury hotel’s packed Savoy ballroom.

“We don’t see brand impairment as necessary. But we will assess as more information comes to light,” said the former IAG chief executive Wilkins.

Decision day is June 30, AMP’s interim balance date and the day before incoming chairman David Murray, 69, is scheduled to take over responsibility for the 169-year-old financial shop. What a way to welcome the former Future Fund chairman.

The examination of AMP’s Royal Commission-battered wealth and insurance business will be done by auditor Ernst and Young managing partner Tony Johnson (who was front and centre today at his client’s AGM).

Under Greg Medcraft’s leadership, corporate regulator ASIC targeted the carrying value of goodwill, encouraging Nine, Seven and Spotless to slash the book value of their intangibles.

Intangible assets on the entirety of AMP’s balance sheet were last valued at $3.2 billion. AMP’s scandalous Australian wealth management business alone was given a goodwill value of $1.5bn.

We will find out soon if new ASIC boss James Shipton thinks that’s a bit toppy this side of AMP’s pummelling at the Hayne Show.

Investors seem to think so. AMP’s shares closed down 3 per cent to $3.96, reducing the ASX valuation of the scandal-entangled firm to $11.5bn.

Can a three-week-old wound still bleed? Sure looks that way.

Read the full Margin Call column tomorrow in print and online.