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AMP, AMP LIMITED
blacksheep
post Posted: Aug 22 2018, 02:08 PM
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In Reply To: joules mm1's post @ Aug 20 2018, 03:56 PM

AMP appoints Francesco De Ferrari as Chief Executive Officer
QUOTE
The AMP Board today announces the appointment of Francesco De Ferrari as Chief Executive
Officer of AMP Limited, effective 1 December 2018.

Mr De Ferrari will join AMP after 17 years with Credit Suisse where he was CEO South East Asia
and Frontier Markets and Head of Private Banking Asia Pacific.

Mr De Ferrari will succeed Mike Wilkins, who has served as interim CEO since April 2018. Mr
Wilkins will work with Mr De Ferrari to ensure a smooth handover before returning to his position
as a Non-Executive Director on the AMP Board.

Mr De Ferrari will join the AMP Limited Board as an Executive Director at the first Board meeting in
January 2019


Full terms can be viewed here - https://www.asx.com.au/asxpdf/20180822/pdf/...jqhqkhvh3sf.pdf

AMP appoints Francesco De Ferrari as chief executive
QUOTE
Wealth manager AMP has used a potential $17.7 million payout on top of a potential $8.3 million maximum yearly salary to lure the South East Asia head of investment bank Credit Suisse, Francesco De Ferrari, to be its new chief executive.

https://www.afr.com/business/banking-and-fi...20180821-h14alj
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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: joules mm1  
 
joules mm1
post Posted: Aug 20 2018, 03:56 PM
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another constructive session

...more transactions at the bid than the offer ?
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. . . . . . . . everything has an art.....in the instance of the auction process, the only thing, needed to be listened to; price
 
blacksheep
post Posted: Aug 8 2018, 11:58 AM
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In Reply To: joules mm1's post @ Aug 8 2018, 11:42 AM

One would hope so biggrin.gif there can't be any more - or can there? RC into Super still ongoing - see previous post

AMP's underlying profit falls 7pc to $495m, John Fraser appointed to board
extract from above with a few opinions on todays results
QUOTE
Credit Suisse analyst Andrew Adams said: "AMP delivered on costs but lacked conviction in their outlook statement that this would continue. Flows [were] better than many were expecting but that uncertainty will remain for at least another six to 12 months."

UBS analyst James Coghill said AMP's business momentum appeared to have slowed "at a faster rate" than he expected.

UBS pointed to ongoing earnings pressure after the second half, following weak flows in AMP Capital and wealth management, adviser and net margin pressure in wealth management and more cautious guidance in the banking unit and infrastructure and real estate arm.

https://www.afr.com/business/banking-and-fi...20180807-h13mxg



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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
 
joules mm1
post Posted: Aug 8 2018, 11:42 AM
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all the bad news to be known.... is known ?
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. . . . . . . . everything has an art.....in the instance of the auction process, the only thing, needed to be listened to; price
 
blacksheep
post Posted: Aug 5 2018, 02:57 PM
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In Reply To: blacksheep's post @ Aug 2 2018, 11:35 AM

AMP to report half year results on Wednesday 8 August and has already issued a profit warning, restating guidance to between $490 and $500 million

QUOTE
Interim CEO Mike Wilkins has a bit of explaining to do. AMP recently cut is profit guidance, its share price has tanked and its financial planning model, to state the bleeding obvious, is challenged.

Uncomfortably, AMP's results coincides with the resumption of the bank royal commission's inquiry into superannuation where AMP is expected to feature, but not in a happy way.


Banking royal commission: It could get a lot worse for the banks as the focus turns to superannuation
QUOTE
Australia's biggest superannuation provider, AMP, has already been hammered by the royal commission.

Its chairman, chief executive, three other directors, and its top lawyer are all gone.

Billions of dollars wiped off the value of the company, half a billion in costs stemming from the commission, a recommendation for criminal charges, and that's before the commission's even looked at superannuation.

"I think the AMP model has been exposed for what it was in that it was egregious in the way it was treating customers," Professor Rafferty said.

http://www.abc.net.au/news/2018-08-05/roya...ection=business



--------------------
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
 
joules mm1
post Posted: Aug 2 2018, 02:59 PM
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In Reply To: joules mm1's post @ Aug 1 2018, 11:19 AM

another way to look at price action
take daily or weekly bars and consolidate into tri bars (three weeks melded into one)
based on this idea tomorrow completes week one of three and a break above and closing above 3.62 over the next two weeks
creates a strong case for the longer term bull health
(+/- allowing for the staggered 10 min single price auction the effect is equalized)

#ideas
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#jeezyoumustbebored



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. . . . . . . . everything has an art.....in the instance of the auction process, the only thing, needed to be listened to; price
 


blacksheep
post Posted: Aug 2 2018, 11:35 AM
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In Reply To: nipper's post @ Aug 1 2018, 02:31 PM

Some speculation yesterday that Andrew Formica's sudden resignation at Janus Henderson might indicate he's bound to take on the CEO role at AMP - might explain the SP turnaround as well.

QUOTE
Mr Formica – who oversaw Janus Henderson's $US372 billion in assets under management – knows AMP's travails well. He was there when it bought Henderson Group and stayed with the company when it was sold cheaply to restore AMP's solvency ratios via a demerger in 2003. He had served as the Henderson CEO since 2008

https://www.afr.com/business/banking-and-fi...20180731-h13elv
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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
 
nipper
post Posted: Aug 1 2018, 02:31 PM
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In Reply To: nipper's post @ Aug 1 2018, 02:12 PM

AMP's business model includes financial advice, investment platforms, life insurance, financial product manufacture, funds management and banking.
QUOTE
.... it will be up to the new CEO of AMP to figure out the most appropriate business model for the future.

... "What to do about the business model at AMP is very significant and I have two thoughts on that," he said. "Firstly, it is entirely up to a CEO to lead that. Secondly, you can't make serious change without investment.

"For engagement with employees, they can't be fully engaged and really comfortable at work without the tools to do their job. So there will be no point in harvesting the company. "By that I mean not investing in the change process. Whatever is done will have to be done with a heightened sense of urgency.

"People talk about engagement in fairly ethereal terms. But fundamentally it's about the clarity of roles, the clarity of your authority and the right tools to do the job. You need training, equipment and good internal control systems so everyone is clear about what is acceptable and unacceptable. "Once those things are in place people feel much better about their job and they start to contribute to continuous improvement themselves."

Mr Murray envisions a governance system at AMP similar to what was in place at the Commonwealth Bank of Australia when he was CEO between 1992 and 2005. (!)




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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

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nipper
post Posted: Aug 1 2018, 02:12 PM
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it's an interesting one, AMP
QUOTE
AMP chairman David Murray says he will push back hard against the ASX corporate governance principles and restore the primacy of the chief executive at the troubled wealth manager, to make the board and management more clearly accountable for their actions. "I think the board's got to conduct itself in a way that it looks to the CEO for everything," he said.

In his first in-depth interview ...., Mr Murray said he would strengthen internal control systems, give increased power to AMP's internal auditors and put more distance between management and non-executive directors. Mr Murray said the ASX governance principles had led to directors being swamped by hundreds of pages of board papers and not having enough time to debate important strategic issues, which he wants to avoid happening at AMP.

"We will not be guided by the ASX corporate governance principles where they either weaken accountability or distract the company to less important issues," he told The Australian Financial Review. "The ASX corporate governance principles contributed to what happened to AMP and others in the financial sector. "I'm not excusing anything and I'm not looking for a scapegoat at AMP. It has to fix itself. But these principles don't help at all."

Under ASX rules, boards must have a range of committees covering audit, risk, remuneration and nomination, with independent chair[s]. Mr Murray has long held that these committees fracture the work of boards and their relationships with management. He believes these committees undermine the authority of the chief executive because the committee chairs can develop special relationships with the chief financial officer, chief risk officer and head of human resources.

- has the brand been damaged, or can the SG 'rivers of gold' flow on? (oh, and the insurance model, of trailing, oft undisclosed, commissions that last forever, has got to go)



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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: Aug 1 2018, 02:07 PM
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In Reply To: joules mm1's post @ Aug 1 2018, 11:19 AM

Bleeding had to top sooner or later. - @ $3.50 was my humble guess Will have to see if it has legs and continues up smile.gif
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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
 
 


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