Magellan and AMP are doing the hard work to restructure themselves, but structural challenges and market volatility won’t make these turnarounds easy.
Group and shrunken wealth giant AMP were underscored by the profit results on Thursday – and not just because their chief executives share the same surname.Both firms have spent the past year trying to simplify their structures, reduce costs and stabilise operations, meaning calendar 2022 was essentially a year of going backwards to go forwards.Both firms find themselves in competition with larger, well-funded private competitors that carry none of the scrutiny that comes with an ASX listing.
Clearly, George’s target of restoring FUM to $100 billion is a long-term one that will require no shortage of hard work and patience. A slimmer, more stable platform to support growth is important, Magellan’s balance sheet looks to be in reasonable shape and more volatile markets should reward good active managers.
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