AMP New Zealand annual earnings creep up on cost cutting, bigger funds under management

Wed, 07 Feb 2018

By Paul McBeth Feb. 8 (BusinessDesk) - AMP's New Zealand financial services division lifted annual earnings 1 percent as a cost-cutting exercise and increased funds under management fattened margins, but the local division is still among units being reviewed by the Australian wealth manager. Operating earnings rose to $135 million in calendar 2017 from $134 million a year earlier with a 6 percent cut in controllable costs to $80 million from restructuring its local business and simplifying products, the local unit said in a statement. Th...

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