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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the subdued April price growth and how prices are predicted to move for the remainder of the year.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about the Biden climate summit and impacts on the Australian sharemarket, as well as the possibility of a carbon border tax and what it means.

And lastly, tax and super guru Timothy Munro gives his thoughts on the overhaul of the superannuation performance test and the upcoming budget.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Has the property market reached its peak; Biden’s climate summit and our share...

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AMP hits record low

By Cameron Micallef

April 19 2021
Share

Invest

AMP hits record low

By Cameron Micallef
April 19 2021

Shares in financial wealth giant AMP have closed at a new record low, following the potential sale of AMP Capital to US-based Ares Management falling through.

AMP hits record low

By Cameron Micallef

April 19 2021
Share

Shares in financial wealth giant AMP have closed at a new record low, following the potential sale of AMP Capital to US-based Ares Management falling through.

The failed merger as well as negotiations with outgoing chief executive Francesco De Ferarri saw shares slump on Friday’s trading to a new record low $1.19.

Shares in the Aussie financial services group have slumped by 20.5 per cent since the start of the year.

AMP and Ares entered into the 30-day exclusivity period to explore a 60 per cent sale of AMP Capital’s private markets business. The exclusivity period has now ended, with no conclusive agreement in sight.

“AMP and Ares continue to work towards a potential transaction and Ares has expressed interest in acquiring 100 per cent of the private markets businesses,” AMP said at the time.

Following the failed contract talks, AMP’s share price closed at a record low $1.19 at close of business Friday.

The AMP share price has continued to slide to its current level amid the changes. It comes after Mr De Ferrari was installed to right the ship after a scandal-plagued period highlighted by the 2018 financial services royal commission.

AMP has since been working on a $1.35 billion sale of 60 per cent of its AMP Capital unlisted business.

Under the agreement, AMP would retain 40 per cent stake in the private market business, under a joint venture with Ares.

The share price for the wealth giant remains under pressure, with it falling well below Ares’ initial takeover price of $1.85 per share.

On the opening bell this morning, shares in AMP slightly recovered, up 1.4 per cent to $1.21 a share.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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