AMP’s 2018 Results and Royal Commission Report Suggest Several Difficult Years Ahead; Reducing FVE
Narrow-moat AMP's 2018 results show that it continued to suffer elevated fund outflows from its core Australian wealth management business in the fourth quarter. We also expect that AMP Bank’s stellar run of earnings growth will end in 2019 because of disruptions to its key mortgage broker distributional channel and management’s new guidance of higher compliance costs in the business. Moreover, the Royal Commission’s final report also identified a number of instances where AMP and its leaders ma...AMP is a wealth management company in Australia and New Zealand, with an international investment management business and a retail banking business in Australia. Co. provides retail customers in Australia and New Zealand with financial advice, superannuation, retirement income and investment products. Co. also provides superannuation services for businesses, administration, banking and investment services for self-managed superannuation funds, income protection, disability and life insurance, and selected banking products. As of Dec 31 2015, Co. had total assets under management of A$226.00 billion.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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