Mohl vows to fix AMP UK

Andrew Mohl, AMP's new CEO, has sought to clarify the comments he made at a New York investment conference this week, and says that AMP does not intend to leave the UK market. He said yesterday that, with hindsight, AMP would not have invested as much in the UK but he is determined to “fix the problems, not look for an exit”.

AMP has a substantial financial services business in the UK, Mohl said, but that market – where 70 per cent of AMP's assets are invested – has been problematic, particularly for the Pearl fund. Mohl is focusing on pushing up the return on capital in the UK financial services business, setting the benchmark at 1.5 times capital, or between 13 and 15 per cent. Returns were down to 9.3 per cent for the first half of this year – not good enough, Mohl said.