AMP

Shares / Stock Code

AMP

Stock Exchange / Sharemarket

ax

AMP Limited (AMP) is a financial company engaging in wealth management provision, banking and allied solutions and service as well as investment management. It serves more than 304 million customers operating mainly in Australia and New Zealand. AMP was listed on the Australian Stock Exchange on the 15th of June, 1998 and is also listed on the New Zealand Exchange in the same year. AMP has more than A$129 billion in assets under management (as at 31 December 2007). Their annual revenue reaches $10,997,000 from their issued capital of $4,012,000. To date, around 3,500 people are employed in the company. AMP has one of Australia's largest shareholder registers, with more than 830,000 shareholders. Individual investors own around 43 per cent of AMP's shareholder base while institutional investors constitute about 57 per cent ownership.

AMP Limited Company History

In 1849, Thomas Holt, Thomas Mort and W H Walsh established the AMP as an Australian Mutual Provident Society.

In 1958, AMP General (formerly the AMP Fire and General Insurance) was established. London Life, the second oldest mutual company in the world was acquired by the company in 1989. Pear Assurance, another company was acquired by AMP in 1990.

Another acquisition including GIO, an Australia-based company was made in 1999.
Also in the same year, The Henderson Investors merged with the AMP Asset Management. The result of the merging was named The Henderson Global Investors.

Different businesses in UK such as NPI, London Life and Pearl were converted into a single financial service unit. In 2002, American Express purchased the company’s credit card businesses in New Zealand and Australia and BNP Paribas purchased the company’s business of investment operations. This resulted to the split-up of the merged companies the following year.

Macquarie Bank and the company made a business partnership in 2004 to handle the Diversified Utility and Energy Trusts or the DUET. In December of the same year, the DUET IPO has been accomplished. By the year 2005, the company started a new business of unlisted retail fund called the Global Property Securities Fund or the GPS Fund.

AMPCI made a business agreement with Meridien to make a new business for retirement management and asset. The company was called the AMP Capital Meridien Lifestyle in April of 2007.