AMP has frozen unit pricing in all products impacted by international capital markets until it ...
AMP has frozen unit pricing in all products impacted by international capital markets until it is satisfied international markets are stabilised and trading normally. The decision was made to protect its customers from any unwarranted impact in the short term.
The group's statement released today reads:
Following the tragic events that have taken place in the US over the past 12 hours, AMP has confirmed that all its US-based employees are safe and accounted for. None of AMP's American facilities or properties have been impacted by these events.
Initially world equity markets have reacted sharply to these events. Should equity markets, and the UK market in particular, remain at this level for the rest of 2001, it would negatively impact our investment returns.
A long-term downturn in world markets would reduce the operating revenues of our global asset manager Henderson Global Investors and indirectly, to a lesser extent, our financial services businesses. AMP management would address this situation through cost control and other initiatives to minimise impact on profitability.
Paul Batchelor, Chief Executive Officer at AMP, said: "While these extraordinary events will undoubtedly impact world markets, we wish to avoid making premature judgements and our customers and shareholders should be assured about the fundamental strength of the AMP Group."
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