Shocking Royal Commission revelations mean AMP will be a high-risk investment in the near term.
Our fair value estimate for narrow-moat AMP reduces to AUD 3.60 per share from AUD 3.90 after its first earnings update following the shocking Royal Commission revelations. Notably, AMP expects to make a AUD 290 million aftertax provision for remediating customers with respect to ASIC's required look-back into financial advice provided over the last circa 10 years. Additionally, AMP estimates a AUD 50 million aftertax cost per year in the next three years for conducting this investigation and an...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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