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AMP, AMP LIMITED
nipper
post Posted: Feb 14 2019, 08:16 PM
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Posts: 5,213
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In Reply To: blacksheep's post @ Feb 8 2019, 01:42 PM

QUOTE
Francesco De Ferrari, CEO of AMP, was impressively frank in diagnosing the problems in the company's flagship wealth division – advisers are so busy on the remediation of clients that they're not out selling.

That will not change for some time. And De Ferrari will need to navigate industry changes that will push compliance costs even higher, and reshape.

He said "face-to-face advice is becoming less affordable and more onerous to come" and warned AMP would need to "reshape the network on a smaller opportunity size than we are seeing today".

What a lovely way to say the business is shrinking.
https://www.afr.com/markets/what-we-learned...20190214-h1b9jm

- death spiral?.... There was something about AMP building their own funds for the network to on-sell. Wasn't that the nub of " conflicted advice"



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
blacksheep
post Posted: Feb 8 2019, 01:42 PM
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Posts: 5,411
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In Reply To: blacksheep's post @ Feb 5 2019, 10:54 AM

AMP executives facing potential criminal charges over fees for no service, Federal Court hears
By business reporter Daniel Ziffer
Posted 56 minutes ago

QUOTE
Individual AMP executives may face criminal charges over the billion-dollar 'fees for no service' scandal, the company's lawyer has confirmed.

Key points:
AMP is claiming legal professional privilege to try and stop the regulator ASIC accessing 29 interviews related to fees for no service
The Federal Court heard many current and former AMP executives have hired lawyers in anticipation of possible civil or criminal actions
Evidence during the royal commission suggested AMP intentionally kept charging many customers fees for no service
The Australian Securities and Investment Commission (ASIC) is in the process of preparing cases against executives over the scandal, where customers were charged fees but not provided with a service.


QUOTE
ASIC has an 'advanced investigation' into AMP
Contacted after the hearing, ASIC would not comment on any potential future court action but confirmed there was an advanced investigation into the issue.

read more - https://www.abc.net.au/news/2019-02-08/amp-...ection=business

SP currently $2.445.
Total short positions as at 4/7/19 = 7.05%
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Feb 5 2019, 10:54 AM
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Posts: 5,411
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In Reply To: blacksheep's post @ Feb 3 2019, 12:34 PM

Updated chart - like the big 4 banks, AMP shorters appear to be covering hence the spike - SP currently up 9.73% @ $2.425
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Feb 3 2019, 12:34 PM
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Posts: 5,411
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In Reply To: blacksheep's post @ Jan 28 2019, 09:54 AM

An Upheaval Is Coming for Australian Banks
By Jackie Edwards
February 3, 2019, 8:00 AM GMT+11 Corrected February 3, 2019, 10:10 AM GMT+11
Inquiry may recommend financial firms be broken up, pay curbed
Bribery, forgery, charging the dead among scandals uncovered

QUOTE
Potential Charges
There will be some nervous people waiting to see if Hayne recommends criminal or civil charges against individuals or companies. The prospect of charges was raised during the hearings and all the big-four banks, AMP and IOOF acknowledged misconduct that in some instances may have breached the law. Hayne can’t lay charges, but he can recommend the public prosecutor consider bringing them.

https://www.bloomberg.com/news/articles/201...nd=premium-asia
Total short positions as at 25/1/2019 = 6.55%
https://www.shortman.com.au/stock?q=amp
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Jan 28 2019, 09:54 AM
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Posts: 5,411
Thanks: 2080


Litigation funder sets up shop in Australia to profit from banking royal commission
By senior business correspondent Peter Ryan
QUOTE
The world's biggest litigation funder has set up shop in Australia to get a slice of the booming class-action business, including some high profile cases stemming from the banking royal commission.

Key points:
Burford Capital is funding the Quinn Emanuel Urquhart & Sullivan class action against AMP

There are several competing legal class actions against AMP around "fees for no service" and the firm's share price collapse

Burford, the world's largest litigation funder, says some lawsuits arising from the financial crisis are still running, a decade on US-based Burford Capital is already bankrolling one of the potential class actions against troubled wealth manager AMP, which has had its reputation and market value smashed by royal commission revelations, including the "fee for no service" scandal.

read more - https://www.abc.net.au/news/2019-01-28/liti...ission/10755130
Total short positions as at 21 January 2019 = $6.49%
https://www.shortman.com.au/stock?q=amp

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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: early birds  
 
early birds
post Posted: Jan 25 2019, 10:51 AM
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In Reply To: nipper's post @ Jan 25 2019, 08:55 AM

4cps half year divy still good value for it's current price...
but wondering why they just go for the "buy back"/?????? unsure.gif
dosen't like waste "the franking credit"..???
at current price, looks it have bit of value or at least to have "oversold bounce"??

attempting !!



 


nipper
post Posted: Jan 25 2019, 08:55 AM
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Posts: 5,213
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QUOTE
AMP shares are likely to be pummeled after the big cut in its dividend today.

It cut the final dividend to 4 cents vs 10 cents for the interim and 14.5 cents a year ago “recognising the 2H 18 performance of the business, the related capital impacts and the uncertainties in the operating environment”.

The major question of what dividend is sustainable isn’t really answered. If it is going to be 8 cents a year going forward, then AMP is currently trading on a dividend yield of just 3.1 per cent. Major financial services companies normally trade on about 5 per cent and AMP’s dividend yield may need to go higher than that given the uncertainty it’s flagging.

It has made a new $200 million provision for advice remediation costs, but the final report of the Royal Commission is due February 1 and it may recommend regulators force wealth managers to dismantle their vertically integrated models.

AMP’s FY18 underlying profit guidance of $680m - down from $1.04bn a year earlier - was just 1.8pc below Bloomberg’s $692.2m consensus, so the main issue is the dividend.

Backsolving for a 5 per cent dividend yield, based on 8 cents a year, would put AMP shares on $1.60.

Thus is could easily break the record low of $2.28, potentially falling more than 10 per cent today
- been coming for a while. ( But; backsolving!?).

The Australian



--------------------
"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne

Said 'Thanks' for this post: early birds  
 
blacksheep
post Posted: Jan 23 2019, 12:51 PM
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Posts: 5,411
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QUOTE
AMP shares are down 1.5 per cent at $2.59 and IOOF shares are down 3.7 per cent at $5.52.

Macquarie says AMP and IOOF have failed to make adequate arrangements to repay customers for practices unearthed by the Hayne royal commission.

The analysts at Macquarie estimate the two companies need to make additional provisions of more than $2 billion, James Frost reports.

Short positions as at 17th January, 2019 = 6.54%
https://www.shortman.com.au/stock?q=amp
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The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 31 2018, 02:03 PM
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In Reply To: blacksheep's post @ Oct 27 2018, 01:44 PM

SP up currently 7.14% @ $2.475.

Short positions also up - as at 25 October 2018 = 6.28%
https://www.shortman.com.au/stock?q=amp

extract from Michael Wests' art6icle - Schemozzle: AMP sells life insurance to asset acrobats from Bermuda
QUOTE
A quarter of its value wiped in a week, litigation funders circling and its chairman and chief executive under under the gun. The woebegone AMP has flogged its once mighty life insurance business, tipping a million life insurance policyholders into the warm embrace of some bust-up merchants from Bermuda. We can’t expect too much in the way of exertion from our corporate regulators but ASIC and APRA must surely take a long, cold look at this deal. Michael West reports on the history of the incredible shrinking AMP.

No, he’s not dead, he’s restin’
Monty Python.

AMP boss Mike Wilkins billed it “a major step forward in reshaping AMP as a simpler, more focussed group”. There is nothing much simple though about the sale of Australia’s most ancient life insurance business to the Bermuda-based Resolution Life, an outfit renowned for juggling assets.

Billed as a $3.3 billion deal, AMP gets only $1.9 billion of that in cash. The other $1.415 billion is satisfied by bits of Bermudan paper which don’t look terribly liquid: $300 million of preference shares in a Resolution entity, an “economic interest in future earnings from the mature business” – whatever that is – and $515 million shares in Resolution itself.

It’s a bit like saying, “I’ll buy your car. Here’s half the cash upfront, an IOU and some shares in my company in Bermuda. If it goes okay, you’ll get the rest later for sure”.

This latest “restructure” of AMP has been sold to the sharemarket as a fait accompli but the sharemarket is hardly thrilled. In AMP’s defence, it has been a shocking week for sharemarkets globally. Still, AMP shares closed an eye-watering 27 per cent lower. Jobs-on-the-line material.

Reaction in the press has been the usual ponderous stuff.


read more - https://www.michaelwest.com.au/schemozzle-a...s-from-bermuda/

Fifth Pillar crumbles: why AMP policy-holders’ losses are Resolution’s profits.
https://www.michaelwest.com.au/fifth-pillar...utions-profits/

Gun slinger lawyer fires up AMP activist battle
QUOTE
Street Talk understands ABL partner Jeremy Leibler is advising Merlon Capital Partners - the AMP shareholder that has taken strong exception to the financial services company's board and its decision to sell its wealth protection and mature business units
.
https://www.afr.com/street-talk
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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington
 
blacksheep
post Posted: Oct 27 2018, 01:44 PM
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Posts: 5,411
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In Reply To: early birds's post @ Oct 26 2018, 06:58 AM

AMP shares extend falls as support dissipates
QUOTE
"This transaction has put a chainsaw through the business ... It's a terrible deal for shareholders. After expenses and costs they are selling it for 0.5 times embedded value."

https://www.afr.com/business/banking-and-fi...20181026-h174ng
QUOTE
Mike Wilkins says the problem isn't so much the outflow but the lack of inflow. Morgan Stanley

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--------------------
The herd instinct among forecasters makes sheep look like independent thinkers. Edgar Fiedler

If the freedom of speech is taken away then dumb and silent we may be led, like sheep to the slaughter. George Washington

Said 'Thanks' for this post: early birds  
 
 


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