Published: October 25, 2018
Australia’s ASX 200 plunged by 2.8%, but the spotlight fell on the wealth manager after its royal commission scandals
Disgraced wealth manager AMP has endured one of its worst days in its 169-year history, with its share price haemorrhaging as investors desert it in droves in the wake of the banking royal commission.
The once-proud insurer, which opened its doors in 1849, lost nearly a quarter of the value of its stock on Thursday – plummeting 24.47% – after it revealed investors had shifted $1.5bn out of its wealth management business in the September quarter alone, and announced plans to sell its life insurance arm.
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