Business
AMP raises ‘white flag’ and explores options to splinter group – Sydney Morning Herald
The embattled wealth manager has appointed a team of consultants to explore options for selling parts of the company after some potential buyers showed interest.
AMP shares jumped almost five per cent on the news, closing the session at $1.62.
Tribecca Partners senior portfolio manager Jun Bei Liu said it was clear AMP had “raised the white flag” and the company’s value needed a boost. “It’s all too hard to keep the business as it is together,” she said. “It’s going to be a very challenging journey for the business but it’s the right thing to do.”
Newly appointed chair Debra Hazelton reiterated support for AMP’s strategy, including the pivot to private…
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