Paperchase down under
Where are holders of some £555 million of AMP sterling bonds as the Australian giant quits the UK’s shores with a A$1.2 billion writedown of its assets? The answer, reports Oliver Holtaway , depends on which of several pieces of paper they are holding
AMP opened its London agency in 1858, for the benefit of Australian policyholders who had returned to the UK. It was the beginning of a 145-year UK presence. Over the past 20 years, AMP has heavily increased its UK exposure, buying insurers London Life, Pearl Assurance, National Provident Life and fund manager Henderson Global Investors.
This May, however, the company announced that it was preparing to quit the UK altogether. The UK operations have had a rocky start to the 21st century. AMP
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