It would be prudent I suspect to uncouple the concept that the AMP shareprice is simply falling as a result of short term movements in the FTSE.
AMP's UK fund management business is draining funds from the consolidated group as AMP is forced to top up prudential reserves in the UK business as the bear market in UK (and of course international) equities shrinks the value of reserves. So far AMP looks to have had to inject or need to inject as much as $1.5 billion in cash simply to meet regulatory minimums for the prudential regulators.
Fridays action will not staunch the bleeding - in fact cross your fingers and hope that the AMP wasn't one of the market participants burnt further in the wild swings.
AMP management past and present have failed (and if a market truism is to be believe - that failed management will fail again) and should step down imo.
Disclosure - I don't hold and will not at this time be buying AMP shares as they are in a serious down trend....
AMP Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
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