SYDNEY (CU)_Since the damning Hayne royal commission, the big four banks of Australia have abandoned their superannuation, financial advice and wealth platform assets, or have sold them to third parties, which was the case for ANZ, which sold its their wealth assets to rival IOOF, under the direction of then-Deputy CEO Alexis George. In January 2020, the Melbourne based-financial service provider sold its Wealth Pensions and Investments business (P&I), which had $48.2 billion in funds under administration and $26.8 billion funds under management at the time.
A few months ago, George was appointed as the chief executive of AMP Ltd, a provider of life insurance, superannuation, asset management services across Australia and New Zealand. Today, she was among the speakers who attended The Australian Financial Review Super & Wealth Summit, a conference focused on the future of the wealth management industry of Australia following the retrieval of big banks, which has left a power vacuum in the sector.
During her address, the AMP chief broke with…
