People Moves

AMP Delivers Strong Wealth Management Gains In First Half, Names New Chief

Vanessa Doctor Asia Correspondent 16 August 2013

AMP Delivers Strong Wealth Management Gains In First Half, Names New Chief

AMP, the Australia and New Zealand focused wealth management firm, has announced a replacement to its outgoing chief executive who is retiring next year.

Effective 1 January 2014, Craig Meller assumes the CEO post, taking over from Craig Dunn who will retire after six years as CEO and managing director and 13 years with the firm. Meller joined the company 2001 and has since held a number of senior positions, the most recent being managing director of AMP Financial Services. Prior to that, he worked at Lloyds TSB and Virgin Direct in London. 

AMP Financial has yet to name Meller's replacement at his old position. 

The announcement came shortly after the firm announced a 5.4 per cent rise in net profit for the half year to 30 June 2013 to A$393 million ($357.7 million), compared to the A$373 million reported for the first half of 2012. Wealth management, its largest business unit, saw operating earnings rise 20 per cent from the first half due to higher customer account balances, a strong rebound in net cash flows and good cost control. The firm also has a wider network of financial planners in the period, from 3,636 in 2012 to 3,680.

 

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