Wednesday 5th November 2008
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AMP was today joined by Mirvac Group, an Australian real estate trust, is tapping the market for funds, taking advantage of a rally in stocks to shore up their resources. The two firms halted withdrawals from some of their property funds in August. AMP said the fresh funds would "enhance its capital position and increase business flexibility through the ongoing market turbulence."
AMP, which posted a 22% drop in first-half profit in August, today said assets under management fell by about A$6 billion in the third quarter.
Assets under management in its Contemporary Wealth Management business fell to A$51.3 billion in the three months ended September 30 from A$53.6 billion at June 30. Assets under management for its AMP Capital Investors unit fell to A$101.5 billion from A$105.2 billion.
Chief executive Craig Dunn said the third-quarter results show the insurer "continued to perform solidly."
The retail offer of shares is to individual shareholders in Australia and New Zealand, who can subscribe for A$5,000 apiece.
The capital raising announced today will increase AMP's flexibility at a time of turmoil in credit markets, the company said.
"Our bias is to have more capital rather than less in these difficult market conditions," Chief Financial Officer Paul Leeming said.
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