Advice becomes a Group line item for AMP
AMP Limited’s upcoming release of its full-year results will reflect the company’s substantial exit from financial advice.
The company has provided an updated reporting template to the Australian Securities Exchange (ASX) reflecting the completed sale of the AMP Advice business “which will be treated as discontinued operations going forward”.
The AMP Advice business was acquired via a transaction involving Entireti and AZ NGA.
The announcement said that AMP’s ongoing 30% stake in the joint venture with Entireti, as well as a small amount of retained items, will be reported within the Group business unit going forward.
It said stranded costs which merge from the transaction will be addressed within the existing Business Simplification program.
The updated reporting template for AMP now covers AMP Bank, Platforms, Superannuation and Investments, New Zealand Wealth Management and Group.
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