AMP has dumped plans to list its NZ wealth arm, upgrading the business from ‘manage for value’ to a ‘mandate for growth’.
In a statement released this morning, Blair Vernon, AMP NZ chief, said the IPO slated by the parent Australian business last year has been halted.
“In February, AMP CEO Francesco De Ferrari reaffirmed AMP’s commitment to the AMP Wealth Management New Zealand business with a clear mandate for growth, and consequently has deferred any further consideration of an IPO,” Vernon said in the release.
“This will further enable AMP Wealth Management New Zealand to become a specialised provider of wealth management and advice, which presents exciting opportunities to further enhance our offering to help even more clients achieve their financial goals and an aspirational retirement.”
Meanwhile, AMP has confirmed its NZ executive team under Vernon including Mark Ennis as head of financial planning brand, AdviceFirst.
Other AMP NZ top jobs go to: Dhaya Sivakumar, chief operating officer; Jeff Ruscoe, chief client officer; and Jeff Mitchell, chief financial officer.
Therese Singleton, previously AMP NZ head of sales and advice, will shift to executive general manager of the group’s life insurance business as it transitions to new owners, Resolution Life, later this year. Singleton will work with Simon Hoole, chief financial officer of AMP Life Australasia.
“Therese and Simon’s appointments will help to provide continuity for clients, advisers and employees during the transition,” Vernon said.