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Competition Regulator May Extend Deadline For AXA Ruling
Graeme Samuel, chairman of the Australian Competition and Consumer Commission says that the regulator may need more time to evaluate the two competing bids for AXA Asia Pacific Holdings, and may have to extend the March 17th deadline for ruling on proposals by NAB and AMP.
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ANZ Denies Negotiation With AMP
Australian banking major ANZ was forced to comment on speculation linking it with Wealth Manager AMP in a $4 billion deal. ANZ said its sole priority right now, was to integrate its now wholly owned joint venture with ING.
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Suncorp Reports 41 Per Cent Jump In Net Profits
Brisbane based bancassurance group Suncorp-Metway reported a 41 per cent leap in first half net profits, but despite delivering robust profits growth, Suncorp lowered its interim dividend payment, saying it had to improve insurance margins.
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Super Fund Industry Opposed To Rudd Changes
Retail and industry superannuation funds have joined forces in a bid to lobby the government against implementing new regulations for the $1.2 trillion industry, arguing that such changes would only result in higher costs and increased complexity.
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AMP Profits Leap 27 Per Cent And Still Interested In AXA Asia Pacific
Craig Dunn, chief executive of Australian wealth manager AMP, the second largest fund manager in the country, says his company continues to be interested in acquiring AXA Asia Pacific Holdings (APH), and is assessing its next move.
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AXA Asia Pacific Holdings Returns To Profitability
AXA Asia Pacific Holdings (APH), the subject of a takeover battle, returned to profitability in 2009 as investment earnings rebounded, driven by a recovery in the financial markets.
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AMP Criticised For Not Treating Investors Fairly
A newspaper report in the Australian has revealed that investors, who had placed money in the one Australia’s largest frozen funds, were being sold stock by the manager at highly inflated values, whilst the same manger was simultaneously dumping the same investments.
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Competition Regulator Voices Concern Over NAB AXA Bid
The competition regulator says it is more concerned with the proposed takeover of AXA Asia Pacific Holdings by National Australia Bank, than it was by the original bid tabled by AMP.
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Trio Capital Funds Wound Up By Administrator
A group of managed investment and superannuation funds with $260 million in assets, once run by bankrupt investment company Trio Capital are to be closed down.
The six investment funds which include the Astarra Startegic Fund, a fund which invested $118 million in an opaque company registered in the British Virgin Islands, are being forced to wind themselves up following action by the administrator of Trio, PPB.
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AMP Unlikely To Trump NAB’s AXA Bid
Craig Dunn, chief executive of Australian wealth manager AMP, has cooled on the prospects of acquiring AXA Asia Pacific holdings (APH), and according to The Australian reportedly told managers at the company that the acquisition is not a “strategic must do”.
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