AMP

The judge was satisfied that Equity suffered “loss and damage” as a result of AMPFP’s breach of contract, while the language used for the licensee’s treatment of Wealthstone was even stronger. AMP acknowledged the result, and did not rule out an appeal.

Hartley, who joined AMP from Sunsuper in January 2021, will help transition the AWM business to a flatter human resource model before leaving the group in late November.

AMP recently promoted senior economist Diana Mousina to a new role, deputy chief economist, in recognition of her achievements and succession path. Like other economists, Mousina sees a recession on the cards for Australia, although the timeline may be longer than many hope.

Despite increased volatility emanating from the banking sector, tech stocks have been supported by falling bond yields on fears the global economy could slip into recession this year, with big-name companies leading the gains.

While avoiding recession is possible, the continuation of restrictive macroeconomic policies for the near term is needed to fight inflation, according to the IMF’s annual economic report card for Australia – and tax reform and stronger housing policies would also help.

Credit and equity markets both suffered a very bad 2022, as the collapse of negative correlation between stock and bond prices left no safe haven for investors. But 2023 could be a big year for bonds, with analysts warning investors waiting on the sidelines that they risk missing out.

Housing conditions are tipped to remain soft in the year ahead as central banks continue to raise credit costs, but experts still believe an all-out property market crash is unlikely.

Higher rates and the cost of living, on top of global events, have contributed to increased Fear Of Running Out across the country. Yet the level of concern may be relatively unfounded, AMP reports.

As interest rates creep north, advisers extoll the virtue of investing away from the family home and into a diversified suite of assets.

The institutional provider’s AUM and profit lines stayed red in 1H22, but positive signs emerged.