Misplaced Pages

#535464

50-762: AMP Limited (formerly Australian Mutual Provident Society ) is an Australian financial services company that operates in Australia and New Zealand . It offers superannuation and investment products, financial advice and banking services through AMP Banking , including home loans and savings accounts . AMP is headquartered in Sydney , Australia. The company previously operated a global investment management business through its subsidiary AMP Capital . AMP has one of Australia's largest shareholder registers, with most shareholders living in Australia and New Zealand. This

100-481: A cornucopia (symbolising plenty ). The male figure of Labour sits to her left and also holds the cornucopia, while the figures of the wife and the child sit on the goddess's right under her palm branch. Under the statue is AMP Society's Latin motto " Amicus certus in re incerta" ("A certain friend in uncertain times"). The importance of Amicus was also demonstrated through the ultimate award bestowed upon AMP's highest achieving advisers, Amicus membership. In 2003,

150-897: A macroeconomic scale that impacts domestic politics and foreign relations . The extragovernmental power and scale of the finance industry remains an ongoing controversy in many industrialized Western economies, as seen in the American Occupy Wall Street civil protest movement of 2011. Styles of financial institution include credit union , bank , savings and loan association , trust company , building society , brokerage firm , payment processor , many types of broker , and some government-sponsored enterprise . Financial services include accountancy , investment banking , investment management , and personal asset management . Financial products include insurance , credit cards , mortgage loans , and pension funds . The term "financial services" became more prevalent in

200-626: A victory at Pharsalus , a palm tree was supposed to have sprung up miraculously at the Temple of Nike , the Greek counterpart of Victory, in Tralles , later known as Caesarea, in Asia Minor. The toga palmata was a toga ornamented with a palm motif; it was worn to celebrate a military triumph only by those who had a previous triumph. The toga itself was the garment of the civilian at peace, and

250-485: A business, helps businesses raise money from other firms in the form of bonds (debt) or share capital (equity). The primary operations of commercial banks include: The United States is the largest commercial banking services location. New York City and London are the largest centers of investment banking services. NYC is dominated by U.S. domestic business, while in London international business and commerce make up

300-649: A case against AMP in the Federal Court , seeking pecuniary penalties and orders to publish an apology over the 'fee for no service' scandal, where the company would deduct a fee from client's accounts without performing a service. In September 2022, AMP was fined $ 14.6 million by the Federal Court. AMP had, as of August 2022, paid back $ 627 million to 331,994 customers affected by the scandal. AMP board appointed Franceso De Ferrari as Chief Executive Officer of AMP Limited on 1 December 2018. On 25 March 2021, it

350-551: A palm frond or the tree itself is one of the most common attributes of Victory personified in ancient Rome . In Christianity , the palm branch is associated with Jesus ' Triumphal Entry into Jerusalem , celebrated on Palm Sunday , when the Gospel of John says of the citizens, "they took palm branches and went out to meet Him" (12:13 HCSB). Additionally, the palm has meaning in Christian iconography , representing victory, i.e.

400-526: A part in the sacred marriage ritual, was believed to make the dates abundant. Palm stems represented long life to the Ancient Egyptians , and the god Huh was often shown holding a palm stem in one or both hands. The palm was carried in Egyptian funeral processions to represent eternal life. The Kingdom of Nri ( Igbo ) used the omu , a tender palm frond, to sacralize and restrain. Some argue

450-530: A significant portion of investment banking activity. FX or Foreign exchange services are provided by many banks and specialists foreign exchange brokers around the world. Foreign exchange services include: London handled 36.7% of global currency transactions in 2009 – an average daily turnover of US$ 1.85 trillion – with more US dollars traded in London than New York, and more Euros traded than in every other city in Europe combined. New York City

500-534: A small upstairs office. Due to uncertain business, the office was open just 1-2 hours daily. The first policy was issued on 25 February 1849 to AMP's secretary, William Perry, marking the first policy from an Australian insurance company. AMP expanded by recruiting local agents across New South Wales, Queensland, and Victoria. Initially, most policies were sold to AMP's own members, with the first external policies issued in March 1849. The company faced challenges educating

550-580: A variety of reasons. Some smaller financial centres, such as Bermuda , Luxembourg , and the Cayman Islands , lack sufficient size for a domestic financial services sector and have developed a role providing services to non-residents as offshore financial centres . The increasing competitiveness of financial services has meant that some countries, such as Japan, which were once self-sufficient, have increasingly imported financial services. The leading financial exporter, in terms of exports less imports,

SECTION 10

#1732802117536

600-469: Is a symbol of victory, triumph, peace, and eternal life originating in the ancient Near East and Mediterranean world . The palm ( Phoenix ) was sacred in Mesopotamian religions , and in ancient Egypt represented immortality. In Judaism , the lulav , a closed frond of the date palm is part of the festival of Sukkot . A palm branch was awarded to victorious athletes in ancient Greece , and

650-677: Is because when the society demutualised, all policy holders received shares in the new company. On 20 April 2018, Craig Meller resigned as CEO after it was revealed in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that AMP charged clients for financial advice which was not provided, and misled the Australian Securities & Investments Commission on numerous occasions. At that time more than $ 1 billion in market value

700-561: Is pictured on an ivory diptych bearing a palm branch in an allegorical triumph over death. In Judaism , the date palm ( Lulav ) is one of the Four Species used in the daily prayers on the feast of Sukkot . It is bound together with the hadass ( myrtle ), and aravah ( willow ). The Midrash explains that the lulav symbolises the victory of the Jewish people when they came before God in judgement on Rosh Hashanah . Additionally,

750-724: Is richly significant in Islamic culture, and the palm symbolizes rest and hospitality in many cultures of the Middle East. The presence of palm trees around an oasis showed that water was the gift of Allah . In the Quran , the palm appears in the paradisical imagery of the Garden ( Jannah ) . In one prophetic tradition, the Dome of the Rock will stand on a palm tree issuing from one of

800-861: Is the United Kingdom , which had $ 95 billion of financial exports in 2014. The UK's position is helped by both unique institutions (such as Lloyd's of London for insurance, the Baltic Exchange for shipping etc.) and an environment that attracts foreign firms; many international corporations have global or regional headquarters in the London and are listed on the London Stock Exchange , and many banks and other financial institutions operate there or in Edinburgh . Palm branch (symbol) The palm branch , or palm frond ,

850-600: Is the largest center of investment services, followed by London. The United States, followed by Japan and the United Kingdom are the largest insurance markets in the world. A financial export is a financial service provided by a domestic firm (regardless of ownership) to a foreign firm or individual. While financial services such as banking, insurance, and investment management are often seen as domestic services, an increasing proportion of financial services are now being handled abroad, in other financial centres , for

900-408: Is traditionally among those to receive government support in times of widespread economic crisis. Such bailouts, however, enjoy less public support than those for other industries. A commercial bank is what is commonly referred to as simply a bank. The term " commercial " is used to distinguish it from an investment bank , a type of financial services entity which instead of lending money directly to

950-598: The Delian League . In recognition of the alliance, Cimon of Athens erected a bronze statue of a palm tree at Delphi as part of a victory monument commemorating the Battle of the Eurymedon (469/466 BC). In addition to representing the victorious League, the bronze palm (phoinix) was a visual pun on the defeated Phoenician fleet. From 400 BC onward, a palm branch was awarded to the victor in athletic contests, and

1000-520: The Friendly Societies' Act of New South Wales. David Jones was a foundation director in 1848. The Australian Mutual Provident Society was formed in 1849 as a non-profit, life-insurance company, and mutual society . George King was chairman for fifteen years from the 1850s. Richard Teece was general manager and actuary from 1890 and a director from 1917 to 1927. AMP began operations on 1 January 1849 at 470 George Street, Sydney, in

1050-827: The Holy Land would bring back palms for deposit at their home churches. Crusaders would carry or wear an image of one, seen today in the Catholic Order of the Holy Sepulchre , which still awards a Palm of Jerusalem decoration. In addition, the Custody of the Holy Land , courtesy of the Catholic Church , bestows the Jerusalem Pilgrim's Cross on Catholic pilgrims to the city. The palm

SECTION 20

#1732802117536

1100-651: The Midrash notes that the binding of the Four Species symbolizes the desire to unite the four "types" of Jews in service of God. During the Roman Empire, the date palm represented Judaea and its fecundity to both Romans and Jews. Roman sources praise the date as the produce of the province. The date palm was a frequent image for Judaea on Imperial coinage, most notably on the Iudaea Capta series , when

1150-731: The Quay Quarter Tower in Sydney, one of the biggest skyscrapers in the city, was initially built as the AMP centre. In 1989, it acquired the London Life Association . In 1998, AMP was demutualised into an Australian public company , AMP Limited, and listed on the Australian Securities Exchange and New Zealand Stock Exchange . In 1999, AMP launched AMP Banking, an online bank. In 2003,

1200-534: The United States partly as a result of the Gramm–Leach–Bliley Act of the late 1990s, which enabled different types of companies operating in the U.S. financial services industry at that time to merge. Companies usually have two distinct approaches to this new type of business. One approach would be a bank that simply buys an insurance company or an investment bank , keeps the original brands of

1250-523: The doum palm is the symbol of endurance (doum) , particularly of the Muslim saint who gave his name to Wad Hamid . The palm also appears on several coins from Islamic states, for example the 1 Tunisian dinar issue honoring the Food and Agriculture Organization from 1970, and several Iraqi coins of the 1970s like the 5 fils. The Latin motto of Lord Nelson is Palmam qui meruit ferat , "Let him bear

1300-471: The rivers of Paradise . Muhammad is said to have built his home out of palm, to have leaned against a palm while speaking, and to have raised the first mosque as a roofed place with palm trees. The first muezzin climbed palm trees to call the faithful to prayer, from which the minaret developed. In the Quran, Mary is said to have given birth to Jesus under a date palm . In northern Sudan ,

1350-494: The Australian Securities Exchange. On 20 April 2018 Craig Meller resigned as CEO after it was revealed in the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry that AMP charged clients for financial advice which was not provided, and misled the Australian Securities & Investments Commission on numerous occasions. More than $ 1 billion in market value

1400-546: The acquired firm, and adds the acquisition to its holding company simply to diversify its earnings . Outside the U.S. (e.g. Japan ), non-financial services companies are permitted within the holding company. In this scenario, each company still looks independent and has its own customers, etc. In the other style, a bank would simply create its own insurance division or brokerage division and attempt to sell those products to its own existing customers, with incentives for combining all things with one company. The financial sector

1450-603: The company demerged its UK operations, creating the Henderson Group . AMP headquarters moved to the AMP Building on Alfred Street in 2018, although the Tower is still owned by AMP Capital Many of the older AMP buildings in Australia are now heritage-listed and feature the "Amicus" statue group. The central figure in the statue group is the goddess of Peace and Plenty, holding a palm branch (signifying peace ) and

1500-457: The company demerged its UK operations, creating the Henderson Group . On 15 November 2010, AMP announced a bid to merge its business with AXA Asia Pacific Holdings. The transaction was a joint proposal with Axa under which Axa would acquire Axa Asia Pacific Holdings's Asian business' and AMP would acquire AXA's Australian and New Zealand business. The Australasian holdings included the former National Mutual business (established in 1869) which

1550-504: The establishment of the Australian Mutual Provident Society (AMP). Life expectancy at the time was low, and risks like disease and accidents were common. As a mutual society, AMP raised no initial capital and had no shareholders, relying on its members. The Society’s goal was to provide financial security for families through life insurance and annuities. AMP's rules were registered on 28 December 1848 under

AMP Limited - Misplaced Pages Continue

1600-876: The palm branches distributed during Palm Sunday services originate in the triumphal entry of Christ into Jerusalem . Early Christians used the palm branch to symbolize the victory of the faithful over enemies of the soul, as in the Palm Sunday festival celebrating the triumphal entry of Jesus into Jerusalem . Many churches of mainstream Christian denominations, including the Catholic, Lutheran, Methodist, Anglican, Moravian and Reformed traditions, distribute palm branches to their congregations during their Palm Sunday services. Christians take these palms, which are often blessed by clergy, to their homes where they hang them alongside Christian art (especially crosses and crucifixes ) or keep them in their Bibles or devotionals. In

1650-534: The palm in the Parthian poem Drakht-e Asurig serves as a reference to the Babylonian faith. The palm was a symbol of Phoenicia and appeared on Punic coins. In ancient Greek , the word for palm, phoinix, was thought to be related to the ethnonym . In Archaic Greece , the palm tree was a sacred sign of Apollo , who had been born under a palm on the island of Delos . The palm thus became an icon of

1700-646: The palm is one of the trees identified as the Sacred Tree connecting heaven, represented by the crown of the tree, and earth, the base of the trunk. Reliefs from the 9th century BC show winged genii holding palm fronds in the presence of the Sacred Tree. It is associated with the goddess Ishtar and is found on the Ishtar Gate . In ancient Mesopotamia , the date palm may have represented fertility in humans. The Mesopotamian goddess Inanna , who had

1750-575: The palm of martyrdom." On 10 April 1688 it was decided by the Congregation of Rites that the palm when found depicted on catacomb tombs was to be regarded as a proof that a martyr had been interred there. Subsequently, this opinion was acknowledged by Mabillon, Muratori, Benedict XIV and others to be untenable; further investigation showed that the palm was represented not only on tombs of the post-persecution era, but even on tombs of those who did not practice Christianity. The general significance of

1800-598: The palm on early Christian monuments is slightly modified according to its association with other symbols (e.g., with the monogram of Christ, the Ichthus (Fish), or the Good Shepherd). On some later monuments the palm was represented merely as an ornament separating two scenes. Palms also represented heaven, evidenced by ancient art often depicting Jesus in heaven among palms. In the Middle Ages , pilgrims to

1850-509: The palm who has deserved it". The motto has been adopted by numerous other organizations, including the University of Southern California . Today, the palm, especially the coconut palm , is a symbol of a tropical island paradise. Palms appear on the flags and seals of several places where they are native, including those of Malta , Haiti , Paraguay , Guam , Florida , Poland , Australia and South Carolina . The palm branch symbol

1900-436: The period preceding next year's Lent, known as Shrovetide , churches often place a basket in their narthex to collect these palms, which are then ritually burned on Shrove Tuesday to make the ashes to be used on the following day, Ash Wednesday , which is the first day of Lent. In Western Christian art, martyrs were often shown holding a palm frond as an attribute , representing the victory of spirit over flesh, and it

1950-518: The practice was brought to Rome around 293 BC. The palm became so closely associated with victory in ancient Roman culture that the Latin word palma could be used as a metonym for "victory", and was a sign of any kind of victory. A lawyer who won his case in the forum would decorate his front door with palm leaves. The palm branch or tree became a regular attribute of the goddess Victory , and when Julius Caesar secured his rise to sole power with

2000-661: The public on insurance and annuities, but by April 1851, AMP reached 100 policies. In the 1850s, AMP expanded with agents in Auckland and Hobart. Perry, a key figure in AMP’s early success, passed away in 1855. The company provided support to his widow and children in recognition of his contributions. In 1876, the first New Zealand AMP centre was built in Wellington . In 1910, AMP became the first company to provide assurance to soldiers. In 1960, AMP opened its Auckland office. 1976

2050-591: The shareholders in the aftermath of the Banking Royal Commission. Patty Akopiantz also announced she would be resigning at the end of the year. In November 2018, AMP admitted to a second overcharging scandal. In 2019, CEO Francesco De Ferrari launched a billion dollar transformation plan, aiming to recalibrate public opinion on AMP post royal commission. In July 2021, the Australian Securities & Investments Commission launched

AMP Limited - Misplaced Pages Continue

2100-587: The typical military trophy is replaced by the palm. The palm appears also on at least one Hasmonean coin and on coinage issued in 38–39 AD by Herod Antipas . Palm ornaments are found also on Jewish ossuaries . In 1965, Judean date palm seeds dated at around 2000 years old were recovered during excavations at Herod the Great 's palace on Masada in Israel. In 2005, some of the seeds were planted. One grew and has been nicknamed " Methuselah ". In Christianity ,

2150-462: The victory of the spirit over the flesh ( Revelation 7:9). Since a victory signals an end to a conflict or competition, the palm developed into a symbol of peace, a meaning it can have in Islam , where it is often associated with Paradise. The palm appears on several flags or seals representing countries or other places, with the coconut palm associated with the tropics . In Assyrian religion ,

2200-437: Was announced that De Ferrari would resign. In 2021, he was replaced by Alexis George, formerly of ANZ . The company provides financial planning and advice , banking , life insurance , managed funds , superannuation , property , listed assets and infrastructure . It is Australia's largest retail and corporate superannuation provider, and is the largest life risk business in Australia. One of AMP's subsidiaries, AMP Capital,

2250-567: Was demutualised in 1996. AXA had gained majority ownership of National Mutual in 1999 and renamed the company as AXA Asia Pacific. The first day of the merged group operating together was 31 March 2011, with the companies to be gradually integrated and the AXA brand being phased out of the Australian and New Zealand market by 2013. In February 2022, AMP delisted from the NZX, consolidating its listing on

2300-673: Was stripped from AMP shares as news of the company's failings were revealed before the Royal Commission. In the wake of revelations at the banking royal commission and his resignation from AMP, Meller resigned as a financial services adviser to the Turnbull government. On 30 April 2018, Catherine Brenner resigned as chairperson with Mike Wilkins appointed acting CEO and chairperson. On 8 May 2018, directors Vanessa Wallace and Holly Kramer announced they would not be seeking re-election, in response to an imminent protest vote organised by

2350-465: Was stripped from AMP shares as news of the company's failings were revealed before the Royal Commission. In the wake of revelations at the banking royal commission and his resignation from AMP, Meller resigned as a financial services adviser to the Turnbull government. On 31 August 1848, a group of businessmen, including Thomas Holt Jnr, Thomas Sutcliffe Mort, and William Perry, met to form an organisation to provide life assurance to Australians, leading to

2400-780: Was the aligned wealth manager, with more than A$ 128 billion in assets under management , making it one of the largest asset managers in the Asia Pacific (excluding Japan) region. AMP Capital has now been stripped out of the AMP Group, along with AMP Life and sold to Dexus and Resolution Capital respectively. AMP Wealth is now the appointed investment manager within the AMP Group. AMP has four main business areas: Financial services The finance industry in its most common sense concerns commercial banks that provide market liquidity , risk instruments , and brokerage for large public companies and multinational corporations at

2450-526: Was widely believed that a picture of a palm on a tomb meant that a martyr was buried there. Origen calls the palm (In Joan, XXXI) the symbol of victory in that war waged by the spirit against the flesh. In this sense it was especially applicable to martyrs, the victors par excellence over the spiritual foes of mankind; hence the frequent occurrence in the Acts of the Martyrs of such expressions as "he received

2500-546: Was worn by the triumphator to mark his laying down of arms and the cessation of war. The use of the palm in this setting indicates how the original meaning of "victory" shaded into "peace" as the aftermath of victory. Coins issued under Constantine I , the first Christian emperor, and his successors continue to display the traditional iconography of Victory, but often combined with Christian symbolism such as christograms . The Roman senator Symmachus , who tried to preserve Rome's religious traditions under Christian domination,

#535464