AMP Limited is a financial services company in Australia and New Zealand providing superannuation and investment products, financial advice and banking products including home loans and savings accounts. AMP shares are included in the Australian Securities Exchange’s S&P/ASX 50 index. Its headquarters is in Sydney, Australia.
The Australian Mutual Provident Society was formed in 1849 as a non-profit life insurance company and mutual society. In 1998, it was demutualised into an Australian public company, AMP Limited, and listed on the Australian and New Zealand stock exchanges.
AMP has one of Australia’s largest shareholder registers, with most shareholders living in Australia and New Zealand. This is because when the society demutualised, all policy holders received shares in the new company.
In 2003, the company demerged its UK operations, creating the Henderson Group.
On 20 April 2018 Craig Meller resigned as CEO after it was revealed in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that AMP charged clients for financial advice which was not provided, and misled the Australian Securities & Investments Commission on numerous occasions.
More than $1 billion in market value was stripped from AMP shares as news of the company’s failings were revealed before the Royal Commission. In the wake of revelations at the banking royal commission and his resignation from AMP, Meller resigned as a financial services adviser to the Turnbull government.
AMP board appointed Franceso De Ferrari as Chief Executive Officer of AMP Limited on 1 December 2018.
Traded as: ASX: AMP; NZX: AMP
Founded: 1849; 171 years ago
Headquarters: Sydney, New South Wales, Australia
Products: Financial services
AMP Financial Services
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