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A November to remember amid US poll results, vaccine hope

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Original article by David Rogers
The Australian – Page: 13 & 20 : 12-Nov-20

Australia’s benchmark S&P/ASX 200 has gained 8.8 per cent so far in November, and it is now just 11.5 per cent shy of the record peak of 7,197.2 points in February. The market has been boosted by factors such as the outcome of the US presidential election and the encouraging initial clinical trial results for Pfizer’s coronavirus vaccine candidate. JP Morgan anticipates further upside for equities, forecasting that the global bull run is not yet over.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, JP MORGAN AND COMPANY INCORPORATED

US fund Ares in AMP buyout talks

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Original article by Bridget Carter, Lachlan Moffet Gray
The Australian – Page: 13 & 20 : 30-Oct-20

New York Stock Exchange-listed private equity firm Ares Management has been given access to AMP’s data room and is said to be considering a full takeover play. Ares boasts more than $US149bn ($211.3bn) in assets under management, and CEO Michael Arougheti has flagged the potential for acquisitions in the Asia-Pacific region. AMP recently announced a portfolio review, which could result in the sale of all or part of the business. AMP’s market capitalisation is about $4.4bn, based on the stock’s closing price of $1.28 on 29 October.

CORPORATES
AMP LIMITED – ASX AMP, ARES MANAGEMENT CORPORATION

AMP bids to reassure investors on outflows

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Original article by Cliona O’Dowd
The Australian – Page: 17 : 23-Oct-20

AMP CEO Francesco De Ferrari says the company has been resilient during the coronavirus pandemic. However, the wealth manager has reported net outflows of $8bn for the September quarter, with net inflows of just $6bn. The AMP Capital division has posted net outflows of $1.1bn for the period, while its assets under management fell 0.4 per cent to $189.2bn. Meanwhile, AMP Bank’s deposits increased by $52m to $17bn during the quarter, but its loan book fell $303m to $20.6bn.

CORPORATES
AMP LIMITED – ASX AMP, AMP CAPITAL INVESTORS LIMITED, AMP BANK LIMITED

Blue chips steal AGM season spotlight

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Original article by Vesna Poljak
The Australian Financial Review – Page: 22 : 12-Oct-20

Futures pricing suggests that the Australian sharemarket will open flat on 12 October, despite a positive lead from Wall Street. The annual general meetings season is set to again be the key focus for investors in the coming week; the Commonwealth Bank, Telstra and CSL are among the blue-chip stocks that are slated to hold their AGMs. Macquarie has indicated that trading updates and commentary are likely to be of increased importance during the current AGM season, given that just 19 per cent of listed companies provided earnings guidance during the recent reporting season.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, TELSTRA CORPORATION LIMITED – ASX TLS, CSL LIMITED – ASX CSL, MACQUARIE GROUP LIMITED – ASX MQG

Pressure builds for AMP break-up

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Original article by Joyce Moullakis
The Australian – Page: 13 & 16 : 12-Oct-20

Simon Mawhinney of Allan Gray Australia says breaking up AMP would be the best option for unlocking the wealth manager’s value. He adds that if a suitor opts to acquire the entire company they are likely to sell off parts of the business. AMP recently revealed plans to undertake a portfolio review, and its board is believed to be planning to update investors on a possible sale of all or part of the company before the end of 2020. Alan Kwan of Australian Eagle Asset Management says AMP may choose to press ahead with a turnaround plan, given the challenges involved in ‘disentangling’ and divesting parts of the business.

CORPORATES
AMP LIMITED – ASX AMP, ALLAN GRAY AUSTRALIA PTY LTD, AUSTRALIAN EAGLE ASSET MANAGEMENT PTY LTD

Giant IOOF to lift its game after MLC buy

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Original article by Cliona O’Dowd
The Australian – Page: 17 & 19 : 1-Sep-20

IOOF Holdings has reported a 2019-20 underlying net profit of $128.8m, which is 35 per cent lower than previously, with revenue up 10 per cent at $1.17bn. Meanwhile, IOOF will boast $510bn worth of funds under management following its deal to acquire MLC, making it Australia’s largest retail wealth manager. CEO Renato Mota says the $1.4bn deal is ‘transformational’ for both IOOF and the broader wealth management industry. The deal with National Australia Bank will be partially funded via a $1.04bn capital raising.

CORPORATES
IOOF HOLDINGS LIMITED – ASX IFL, MLC LIMITED, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

AMP to reveal damning report

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Original article by Joyce Moullakis
The Australian – Page: 15 & 19 : 20-Aug-20

Wealth manager AMP has advised that it will release the report of an independent investigation into the sexual harassment allegations against Boe Pahari. The investigation was undertaken in 2017, and the lawyers representing complainant Julia Szlakowski say that she never received a copy of the full report of the investigation. Pahari was appointed as CEO of AMP Capital in July. Australian Council of Superannuation Investors CEO Louise Davidson contends that Pahari’s position is untenable.

CORPORATES
AMP LIMITED – ASX AMP, AMP CAPITAL INVESTORS LIMITED, AUSTRALIAN COUNCIL OF SUPERANNUATION INVESTORS INCORPORATED

Results so far are a shot in the arm for investors

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Original article by David Rogers
The Australian – Page: 23 : 20-Aug-20

The S&P/ASX 200 has gained two per cent since the start of the August reporting season. Investors have responded positively to earning results, dividend payouts and outlook guidance, as well as a rally in the S&P 500 and the continued strength of commodity prices. Indeed, dividend announcements were a common factor among many stocks that outperformed on 19 August; likewise, a lack of dividend payments contributed to some stocks being sold down.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, STANDARD AND POOR’S 500 INDEX

AMP culture rife with bullying: staff

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Original article by Michael Roddan
The Australian Financial Review – Page: 13 & 17 : 27-Jul-20

AMP has the worst rating of any major financial services company in terms of being a place to work, according to workplace rating website Glassdoor. AMP has been in the headlines as a result of staff uproar over the promotion of Boe Pahari to the role of AMP Capital CEO despite having received a $500,000 penalty after the firm settled a sexual harassment claim against him by a female subordinate in 2017. Comments made on Glassdoor by current and former AMP employees suggest its workforce culture is ‘rife’ with bullying and intimidation by senior managers.

CORPORATES
AMP LIMITED – ASX AMP, GLASSDOOR INCORPORATED, AMP CAPITAL INVESTORS LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, INSURANCE AUSTRALIA GROUP LIMITED – ASX IAG, CHALLENGER LIMITED – ASX CGF, SUNCORP GROUP LIMITED – ASX SUN, BENDIGO AND ADELAIDE BANK LIMITED – ASX BEN, BANK OF QUEENSLAND LIMITED – ASX BOQ

Investors brace for harder hit from second wave

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Original article by David Rogers
The Australian – Page: 20 : 9-Jul-20

The S&P/ASX 200 has shed 3.2 per in the last three trading sessions, while the Australian dollar has retreated ahead of Melbourne going into lockdown. Damien Boey of Credit Suisse says policymakers may have underestimated the economic cost of the lockdown, which may be closer to $26bn than the $6bn that has been forecast. He adds that the new lockdown may the "straw that broke the camel’s back" for many small businesses that were already struggling. Analysts also expect the new coronavirus outbreak in Victoria to weigh on corporate earnings and dividend payouts.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, CREDIT SUISSE (AUSTRALIA) LIMITED