AMP - AMP Limited

[sptrawler]

Mr. Pahari's behaviour seems that it could be more problematic than I thought, if these allegations are correct.

https://www.smh.com.au/business/com...any-is-still-covering-up-20200816-p55m7n.html

gg

Not much of that report could be classed as criminal behaviour, sounds like a lot of unpleasant coercion by a creepy boss, it sounds as though the management put him on the carpet.
Having said that, AMP appears to be a cesspit of poor behavior on most fronts IMO.
I am so glad I offloaded them and put them on my never to be bought again list.

 

[over9k]

I'm still watching them. They might end up in the "popping festering canker" thread yet.

 

[Garpal Gumnut]

This interesting day trading stock has no lack of sellers nor buyers. Any thoughts or charts on AMP.

I believe it sells Chairmen and Executives.

gg

 

[Miner]

 

[sptrawler]

Well I bet the shareholders are gagging for this offer to be accepted, typical of several companies, run into the ground sucked dry by management and then an overseas company picks up the carcass for a song. It does come with a ready built banking license.
Just my opinion.

Mixed response on $6.4b takeover bid for AMP

The offer lobbed by AMP's US suitor, Ares, far exceeds the price tag analysts had placed on the troubled wealth manager.

www.theage.com.au

From the article:

Mr Dive added AMP's board would try to push the price higher but added he did not expect a bidding war. "AMP isn’t what it was 15 or 20 years ago where it was viewed as the fifth pillar of the Australian economy."
Morningstar analyst Shaun Ler told clients last week he had expected Ares' offer would be valued around $1.45 per share, representing a 15 per cent discount to his fair value estimate of $1.70 per share. Morgan Stanley had valued AMP at $5.36 billion, or $1.60 per share.
Mr Ler said on Monday that Ares' $1.85 a share offer highlights the "quality of AMP's assets and its growth prospects".

"This is positive news for shareholders who otherwise have to sit through numerous trials in the coming years," he said in a note to clients.

 

[over9k]

The conspiracy theorist in me says something else was at play.

 

[Joules MM1]

https://www.tradingview.com/x/rKrxG2EP/

just a bounce ?
the main group of adventurous mountaineering group is 1.200's
so how much is the current "technically" oversold divergence playing into that landscape ?
13 week money flows are very negative but that's also not a clear signal as major players do not gobble until retail and
weak managers puke better than a python after dinner mint

 

[Garpal Gumnut]

https://www.tradingview.com/x/rKrxG2EP/

just a bounce ?
the main group of adventurous mountaineering group is 1.200's
so how much is the current "technically" oversold divergence playing into that landscape ?
13 week money flows are very negative but that's also not a clear signal as major players do not gobble until retail and
weak managers puke better than a python after dinner mint

Woof, woof woof.

gg

 

[Joules MM1]

the main group of dog handlers gone from 2mm april 8th to 4mm to buy at 1.20

 

[Garpal Gumnut]

Is anyone up to speed with AMP.

In the news today.

gg

 

[Knobby22]

Is anyone up to speed with AMP.

In the news today.

gg

Thanks Garpal for the heads up.

Separating out the private market investment management business and giving it a new name. Pretty sensible.
Maybe realise a bit of value. Demerger to happen 1H 2022.
Don't own but the demerged business might be worth having. (One of my yearly competition picks, hopefully this will turn it around).

AMP announces intention to pursue demerger of AMP Capital’s private markets investment management business AMP Limited today announces its intention to pursue a demerger of AMP Capital’s private markets business (“Private Markets”) of infrastructure equity, infrastructure debt and real estate. The proposed demerger follows a decision by the AMP Board to conclude discussions with Ares Management Corporation regarding a potential sale of Private Markets. The demerger would create two more focused businesses, better equipped to pursue and allocate capital to distinct growth opportunities, and realise efficiencies: • AMP Limited: a retail-focused, wealth management, investment and banking group with scale and market-leading positions in the Australian and New Zealand markets and strategic investments in key international partnerships. AMP Limited will also retain: o A minority stake in Private Markets of up to 20 per cent to participate in the future growth of the business o AMP Capital’s Global Equity and Fixed Income (GEFI) business, for which AMP is currently exploring sale or partnership options; and o AMP Capital’s Multi-Asset Group, which is in the process of being transferred to the AMP Australia business • Private Markets: a leading global private markets investment manager with a strong performance track record in differentiated asset classes of infrastructure equity, infrastructure debt and real estate, and capabilities to expand into attractive growth adjacencies. The proposed demerger would unlock further value in the Private Markets business by simplifying its structure, providing operational independence and enabling it to establish a new brand. Private Markets will also put in place a new management equity plan, to attract and retain talented investment professionals and management. The targeted timeline is for the demerger to be completed in 1H 22.

 

[sptrawler]

Yes it sounds like they are seperating the jewels from the costume jewelry. I dont think it will go down well, that they are keeping a 20% stake in the jewelry section, like as if the tie is going to add value?
Just my opinion, I did own, but way off my radar these days.

 

[airlinebooking]

AMP Hits almost $1
A recent hit to the share price saw AMP drop to almost $1 per share.
is AMP at risk of being sold and carved up?

 

[Knobby22]

AMP Hits almost $1
A recent hit to the share price saw AMP drop to almost $1 per share.
is AMP at risk of being sold and carved up?

No one seems interested.

 

[Dona Ferentes]

No one seems interested.

interested in the stock? No. too many unpredictables
interested in preserving my capital? Yes. Better places to invest

In one of his first executive decisions, AMP Australia CEO Scott Hartley has undercut the $840 billion market for platforms and slashed fees by up to 22 per cent.

 

[sptrawler]

The misery just keeps coming for AMP, another mess unfolding.

‘Unconscionable’: ASIC sues AMP for charging thousands of dead customers

The wealth giant has been hit with a lawsuit by the corporate regulator over allegations related to its charging of dead customers for life insurance and advice fees.

www.smh.com.au

From the article:
AMP is being sued by the corporate regulator for allegedly charging thousands of dead people for insurance and financial advice despite being notified they had died, a damning revelation first aired in the banking royal commission.

The Australian Securities and Investments Commission announced on Thursday morning it has filed a lawsuit in the Federal Court against five AMP-owned companies related to “unconscionable” practices occurring from May 2015 to August 2019.

The regulator alleges AMP collected more than $500,000 in life insurance premiums from more than 2000 dead customers’ superannuation accounts, and $100,000 in financial advice fees from 27 dead customers.

AMP acknowledged the civil proceedings in a statement with the ASX, claiming the issue was covered in the royal commission and AMP had subsequently completed a remediation program to compensate more than 10,000 customers a total sum of $5.3 million, which included compensation for lost earnings.

“AMP has taken this matter very seriously and we will now carefully consider the allegations raised by ASIC. We have been assisting ASIC with its investigation and will continue to engage constructively as part of the legal process,” AMP group general counsel David Cullen said in a statement.

 

[barney]

another mess unfolding.

Just about to post up the Volume Movers and saw AMP was on the top of today's list

I actually own 286 AMP shares .. yay, lol.

Volume and price action at the lows when there is trouble in the air ... Not sure what to make of that just yet.

Any ideas @sptrawler ?

 

[sptrawler]

Just about to post up the Volume Movers and saw AMP was on the top of today's list

I actually own 286 AMP shares .. yay, lol.

Volume and price action at the lows when there is trouble in the air ... Not sure what to make of that just yet.

Any ideas @sptrawler ?

View attachment 124977

I guess the question is Barney, are you going to top up?

 

[sptrawler]

It amazes me, that the people who over the years have held the tiller at AMP, can look at themselves in the mirror. This is where atheists hope Karma exists IMO. It is the one share I bought on the basis of company brand reputation and was sadly disappointed, bought at $5 sold at $2.75, best move ever IMO.

‘Morale is at an all-time low’: AMP Australia to cut 20 per cent of staff

AMP’s bank and wealth business is headed for a restructure that will shrink its workforce by around 20 per cent over the next year, saving $300 million.

www.theage.com.au

From the article:
AMP Australia will sack up to 20 per cent of its staff over the next year during a restructure designed to make the business more sustainable as the wealth giant focuses on domestic operations under a new executive leadership team.
Mr Hartley met with AMP’s board on Thursday for a monthly meeting, although did not discuss the plan as staff redundancies do not require board approval.

One source, who declined to be named, said staff had been given little information about which teams would be affected by the restructure but many were aware terminations would begin in mid-June.
“Morale is at an all-time low as staff either wait for redundancies or are resigning in droves in disgust at the lack of changes in the company and additional work due to large restructures and no pay rises,” the source said

 

[barney]

I guess the question is Barney, are you going to top up?

Lol ..... Fair question Homer.

Given AMP is still a $4 Billion dollar Company, even after all the recent naughtiness, I would say ...

No I won't just yet

However, in saying that, if AMP were a 5 cent Spec with the same "relative" Chart

I'd be likely taking an entry position just in case the "subterfuge" turned out to be something "important"


To be honest, longer term I can easily see AMP doing and "Elders"

(ELD) 50 cents to +$9 bucks (2013-2018) ... life changing if you have the time to wait (I don't unfortunately)