IPO abandoned, AMP beds down wealth business

AMP has announced the appointment of the executive team for AMP Wealth Management New Zealand.

Tuesday, March 12th 2019, 10:08AM

Blair Vernon

They will be responsible for delivering its growth strategy and providing high-quality advice, services and greater benefits to clients.

Chief executive Blair Vernon said: “As we complete the separation and sale of AMP’s life insurance businesses through 2019, we will establish AMP Wealth Management New Zealand as a standalone business 100% owned by AMP, with a single-minded focus on providing best in class retail investment, retirement solutions and advice for clients. This is underpinned by the highly experienced and committed executive team we have announced today.

“We will begin to transition to the new structure ahead of the AMP Life transaction, but until the separation is complete we are firmly focused on continuing to run our current business and supporting our clients, advisers and communities in the same ways we do today."

He said group chief executive Francesco De Ferrari had in February reaffirmed AMP’s commitment to the AMP Wealth Management New Zealand business with a clear mandate for growth, and deferred any further consideration of an IPO.

“This will further enable AMP Wealth Management New Zealand to become a specialised provider of wealth management and advice, which presents exciting opportunities to further enhance our offering to help even more clients achieve their financial goals and an aspirational retirement.

“There are no changes for our clients and there is nothing they need to do.”

The executive team for AMP Wealth Management New Zealand is:

Blair Vernon, chief executive
Dhaya Sivakumar, chief operating officer
Jeff Ruscoe, chief client officer
Melanie Smith, GM, employee experience & corporate services
Jeff Mitchell, chief financial officer
Tim Pritchard, general counsel
Mark Ennis, chief executive, AdviceFirst

Tags: AMP