AMP Limited

AMP Limited
Company typePublic
ASX: AMP
IndustryFinancial services
Founded1 January 1849; 175 years ago (1849-01-01)
Headquarters
Quay Quarter Tower
,
Australia
Area served
Australia and New Zealand
Key people
  • Debra Hazelton (Chairperson)
  • Alexis George (CEO)
ProductsSuperannuation and investment products, financial advice, banking services and investment management
A$972 million (2015[1])
Total assetsA$110.4 billion (2015[2])
Number of employees
4,826 (2021[3])
Divisions
  • AMP Financial Services
  • Axa Asia Pacific
Subsidiaries
Websitewww.amp.com.au

AMP Limited (formerly Australian Mutual Provident Society) is an Australian financial services company that operates in Australia and New Zealand. It offers superannuation and investment products, financial advice and banking services through AMP Banking, including home loans and savings accounts. AMP is headquartered in Sydney, Australia. The company previously operated a global investment management business through its subsidiary AMP Capital.

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.

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.[4][5] At that time 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.[6] 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.[7]

  1. ^ "AMP news".[permanent dead link]
  2. ^ "The World's Biggest Public Companies". Forbes. Archived from the original on 23 October 2017.
  3. ^ "Announcement".
  4. ^ Cite error: The named reference ampceo was invoked but never defined (see the help page).
  5. ^ Cite error: The named reference :0 was invoked but never defined (see the help page).
  6. ^ Cite error: The named reference :1 was invoked but never defined (see the help page).
  7. ^ Cite error: The named reference :2 was invoked but never defined (see the help page).