POWERED BY MOMENTUM MEDIA
Successful AXA, AMP merger nets profit
BNP Paribas has finished the transition of AXA Australia and New Zealand following its merger with AMP in March last year.
AMP Capital Investors managing director Stephen Dunne said he was pleased with the cost synergies produced by the successful transition that saw 1000 accounts change hands over nine months.
In January 2011, AMP said it expected cost synergies to rack up to $120 million a year, while the one-off integration cost would be $285 million.
Last month AMP chief executive Craig Dunn said the merger with AXA had significantly improved its competitive position, and ahead of schedule.
AMP reported a net profit of $383 million for the six months to 30 June 2012, an 11 per cent increase on the $346 million earned in the first half of 2011.
BNP Paribas was appointed global custodian and administrator for AMP in 2011, to oversee combined assets of almost AUD 160 billion along with the merger, one of the largest in Australia, BNP Paribas said.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
The property group, owned by industry super fund Aware Super, has announced two new projects with a total construction value of $320 million that will add more than 700 homes to Melbourne’s rental market.
While institutional investors, including super funds, unanimously acknowledge the energy transition as a significant challenge, their perspectives on the extent of their involvement in addressing the substantial capital requirements vary widely.
Despite a period of increased volatility, several considerations suggest that the bull market will remain intact and the trend in shares will remain up, an economist has suggested.
HESTA has slammed Woodside’s climate transition action plan, pointing to “significant” gaps.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment