AMP bucks the trend with China pension push
AMP chief executive Craig Meller let the two executives running his China joint ventures make the opening presentations at the company’s strategy day on Thursday.
This was mostly out of courtesy to his guests, which is an important part of doing business with China, rather than a subtle signal that China will take precedence over the Australian businesses.
China is an important growth engine for AMP but is still a relatively small part of the company, which has plenty of work to do on home soil as it implements a turnaround plan for its Australasian wealth management operations after a tough year.
AMP’s relatively modest $250 million investment in China is paying off, though, as the financial services giant targets China’s fast-growing pension market as a promising source of future earnings growth at a time when companies such as ANZ Banking Group are backing away from the region.
Full Content: Financial Review
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