As case studies go, AMP provides a textbook example of how to turn a large business into a small business. This week the once great financial services group could unveil one of the final pieces in the dismantling of the financial conglomerate.
The company’s flagship funds management business AMP Capital will be sold in two separate transactions.Over the last two decades AMP has lost more than 92 per cent of its value, much of its brand value and its prominence as a key pillar of the Australian financial system. AMP’s wealth business continued to experience funds outflows while the advice element operated at a loss, according to the most recent set of full-year accounts released in February 2022.
The current chief executive Alexis George has been parachuted into the corner office to begin the process of re-focussing and re-building the business and restoring the brand.