AMP cuts ties with Russia

AMP confirmed in a statement it is “taking all reasonable steps” to actively divest Russian investment holdings from its superannuation funds, due to the conflict in Ukraine.

The approach has been endorsed by the Trustee Board of AMP’s superannuation funds and complies with all relevant sanctions, the wealth management company said.

“The value of Russian investment holdings as a percentage of AMP’s total superannuation assets under management is minimal, reflecting the diversified nature of the portfolios,” AMP added.

The wealth manager is the latest company to sever ties with Russia following pressure from the government for companies to distance themselves from Moscow.

Last week, the Morrison government said it had a “strong expectation” that Australian superannuation funds would review their investment portfolios and take steps to divest any holdings in Russian assets.

“The government welcomes the voluntary actions taken to date by some superannuation funds to divest their Russian assets,” Treasurer Josh Frydenberg said in a joint statement with the minister for super Jane Hume.

“While Australian superannuation funds only have a small exposure to Russian investments in the context of the $3.5 trillion superannuation system, it is important that Australia sends a clear and unequivocal signal that we condemn in the strongest possible terms Russia’s unprovoked and unjustified attack on Ukraine,” the pair said.

In a separate statement, the Financial Services Council (FSC) echoed the government’s sentiment, telling super funds it will work with them to help them navigate the government’s expectations.