The long slump in AMP’s share price has left brokers pondering something they haven’t for years – could it be time to invest in the long-maligned wealth management giant, five years after it was eviscerated by a royal commission that found it repeatedly lied to the corporate regulator?
Over the past week, Citi, Goldman Sachs and JPMorgan have shifted their recommendations on the stock, suggesting clients buy, after a first quarter update showed AMP’s assets were growing. The 176-year-old wealth manager said $740 million had come into its funds over the three months to March 31, taking it to $78.8 billion, up 6.1 per cent over the year.
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