- Collimate Capital, has developed its own executive leadership team
- The new name, Collimate, is taken from the scientific term
- New banner comes as AMP Ltd reports a full-year loss of $252 million
AMP Capital is to be renamed Collimate Capital in the most recent step of a planned demerger from AMP Ltd.
The split is a part of AMP Ltd’s strategic pivot to focus more on its banking, insurance and superannuation services.
Commenting on the merger, AMP Chief Executive Alexis George said there is a clear strategy to drive two simpler and more effective businesses.
The business that is to become Collimate Capital, has developed its own executive leadership team, board and strategy and will be listed on the ASX as a separate entity later this year.
“We have good momentum in the transformation of AMP, repositioning our core capabilities to take advantage of the opportunities ahead of us, as we progress towards and beyond demerger as a simpler and purpose-led business,” Ms George said.
The name Collimate is taken from the scientific term which means to make rays of light accurately parallel.
AMP Capital Chief Executive Officer Mr Shawn Johnson draws the connection that the new brand matches a determination to work in parallel alignment with clients, partners and communities to deliver long-term, sustainable assets and returns.
“As a demerged entity, Collimate Capital will provide a greater level of independence, stability and accountability to further enable the delivery of superior results for all of our investors and act on growth opportunities to raise equity and deploy new capital.”
AMP Ltd reveals $252 million loss
The rebrand announcement comes as AMP Ltd reports a full-year loss of $252 million, primarily accounted for by previously announced impairment charges, mainly non-cash write-downs. This figure is a far reach from the previous year’s profit of $177 million.
AMP Capital itself had its total assets under management declined 6.3% during the year to reach $177.8 billion. The entity however recorded a profit of $154 million which is up 18% from last year.
The demerger is on track to be completed in the first half of the year according to Ms George.
