Breakdown of Life Business Sale Adds to AMP’s Structural Headwinds, FVE Reduced
We have reduced narrow-moat AMP Limited’s fair value estimate to AUD 2.05 per share from AUD 2.40 due to accelerating structural headwinds in its core Australian wealth management, or AWM, division. Strong first-half 2019 asset market performance is likely to hide increased cash outflows from AWM since the final report of the Financial Services Royal Commission was published in February 2019. In the first quarter of 2019, AWM suffered its highest ever cash outflows of AUD 1.8 billion, an acceler...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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