The move ends De Ferrari’s 17-year-long tenure at the Swiss multinational investment bank.
AMP, the biggest listed wealth manager in Australia, announced that it has hired Credit Suisse veteran banker, Francesco De Ferrari, as its new Chief Executive Officer on Wednesday. De Ferrari will have his work cut out for him to mend the firm’s reputation, as it is currently in the midst of a regulatory crisis.
Particularly, the Banking Royal Commission has accused the firm of charging its customers fees for no service. Then, at the board level, worked to deceive a regulator about it. This has seen the company lose half its board and nearly A$5 billion ($3.7 billion).
Instead of promoting internally, the Australian financial planning firm opted to hire offshore. The move to AMP will end De Ferrari’s 17-year-long tenure at the Swiss multinational investment bank. His most recent position at the firm was CEO South East Asia and Frontier Markets and Head of Private Banking Asia Pacific.
According to the statement released today, AMP will pay the 49-year-old A$17.7 million on top of his salary. He will succeed Mike Wilkins, who served as interim CEO since April this year.
Before returning to his position as a Non-executive Director on the AMP Board, Wilkins will work with De Ferrari to ensure a smooth transition. De Ferrari will also join the AMP Limited Board as an Executive Director at the financial planning company’s first Board meeting in January next year.
De Ferrari’s Experience Aligns Nicely with the Future of Amp
During his career at Credit Suisse, De Ferrari dealt with the US Department of Justice and with Italian authorities for the bank. According to the statement, this was a huge asset to his candidacy, as it shows he has the ability to steer the firm through any regulatory changes or actions that result from the Royal Commission.
Commenting on the appointment, AMP Chairman David Murray, said: “Francesco is an outstanding leader with a strong track record in international wealth management and extensive experience in redesigning business models to drive turnaround and growth.
“We have designed a remuneration structure to drive the recovery of AMP and recognise the degree of challenge in the task ahead. His remuneration and incentives are directly aligned with the interests of shareholders. With his track record of commitment to clients and business performance, I have no doubt Francesco is the right person to lead the recovery of AMP and set the strategy for future growth.”
De Ferrari added: “I’m encouraged by the process of change already initiated by the Board, and I’m committed to accelerating this change, while maximising the opportunities we have both in Australia and internationally.”
AMP, the biggest listed wealth manager in Australia, announced that it has hired Credit Suisse veteran banker, Francesco De Ferrari, as its new Chief Executive Officer on Wednesday. De Ferrari will have his work cut out for him to mend the firm’s reputation, as it is currently in the midst of a regulatory crisis.
Particularly, the Banking Royal Commission has accused the firm of charging its customers fees for no service. Then, at the board level, worked to deceive a regulator about it. This has seen the company lose half its board and nearly A$5 billion ($3.7 billion).
Instead of promoting internally, the Australian financial planning firm opted to hire offshore. The move to AMP will end De Ferrari’s 17-year-long tenure at the Swiss multinational investment bank. His most recent position at the firm was CEO South East Asia and Frontier Markets and Head of Private Banking Asia Pacific.
According to the statement released today, AMP will pay the 49-year-old A$17.7 million on top of his salary. He will succeed Mike Wilkins, who served as interim CEO since April this year.
Before returning to his position as a Non-executive Director on the AMP Board, Wilkins will work with De Ferrari to ensure a smooth transition. De Ferrari will also join the AMP Limited Board as an Executive Director at the financial planning company’s first Board meeting in January next year.
De Ferrari’s Experience Aligns Nicely with the Future of Amp
During his career at Credit Suisse, De Ferrari dealt with the US Department of Justice and with Italian authorities for the bank. According to the statement, this was a huge asset to his candidacy, as it shows he has the ability to steer the firm through any regulatory changes or actions that result from the Royal Commission.
Commenting on the appointment, AMP Chairman David Murray, said: “Francesco is an outstanding leader with a strong track record in international wealth management and extensive experience in redesigning business models to drive turnaround and growth.
“We have designed a remuneration structure to drive the recovery of AMP and recognise the degree of challenge in the task ahead. His remuneration and incentives are directly aligned with the interests of shareholders. With his track record of commitment to clients and business performance, I have no doubt Francesco is the right person to lead the recovery of AMP and set the strategy for future growth.”
De Ferrari added: “I’m encouraged by the process of change already initiated by the Board, and I’m committed to accelerating this change, while maximising the opportunities we have both in Australia and internationally.”
Profit & Loss’ Founder Julie Ros Joins New York-Based Firm as CMO
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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