A breakup has always been the only way. They need to seperate...

A breakup has always been the only way. They need to seperate each business by listing them. It is a very difficult proposition to sell the businesses as every part of AMP is connected to at least one and in most to two or more of the business units. There are just too many hands touching the same dollar. By divesting through in-specie distributions the interrelationships can be "normalised" over time, unique strategies developed and the HO overhead burden eliminated.

The trouble as I see it is that when there is a problem, they hire consultants. Inclusiveness, Valuation, Structure, Diversity, Remuneration, you name it there are consultants for it. Well run businesses are well managed, not well consulted. The culture and organisational structure and economic structure are just so last century. They are not the best managers, there are plenty to choose from. It is a commodity business. Nothing unique about it and plenty of choice.

Give me a Bank share, a Capital share, a NZ share, and North share and let the market decide. The board are ill equiped to manage the conglomerate, being bankers and lawyers.

Start the buy-back. Increase the quantity and seperate the business. Otherwise the constant attrition of capital exit and departure of employee expertise will continue to erode value and so, that much discussed $1.00 per share looks distinctly likely.