Every Game AMP plays….they lose..comment., page-19

Analysts at Macquarie said the outcome would have minimal impact for Dexus in the short term, but was strategically significant.

“We note the strategic significance of AWOF given potential for additional growth in office funds under management, particularly via Dexus’ development pipeline. Therefore, while the remainder of the platform should generate higher fees, the growth outlook may be more challenging,” the analysts told clients.

Speaking to Allan Gray’s Simon Mawhinney, Ms George also defended the culture in the wealth manager’s advice arm, saying accusations of misogyny do not reflect the business.

“Sometimes I get disappointed that those comments (on misogyny) still get made. I wasn’t here two or three years ago but if I look at the AMP of today … I don’t see that kind of feedback coming back,” she said.

“We still have to keep delivering on the promises we’re making to the network. And we haven’t always done that, let’s be honest. We’ve made grandiose plans and we haven’t always delivered.

“But I don’t think that’s been the case in the last 12 months. I do think we’ve put out plans, we’ve delivered to the plans and we’re continuing to deliver to the plans.”

The culture at AMP had changed “markedly” over the last few years, she added.

“The misogynistic thing goes right to my heart because clearly I’m a female, our chairman is a female, and now half of our executive team are female.

“So I think the culture has changed, is changing, and will continue to evolve. And we’ve been very strong about the commitment to advice. I don’t think that (misogyny) is the AMP of today.”

AMP shares were down 2.4 per cent to $1 in a lower market just after lunch on Tuesday.