Mr Moorhead will succeed Gordon Lefevre who will retire from AMP after more than five years as Group CFO following an orderly transition.

Mr Moorhead, who is currently CFO and Chief Operating Officer of AMP Capital, will lead AMP’s finance function with responsibility for capital management, treasury, mergers & acquisitions and investor relations. He will join AMP’s group leadership team and report to AMP Chief Executive Francesco De Ferrari.

Mr Moorhead is an experienced finance executive, having served as a Group CFO of the Virgin Group in the United Kingdom, and Chief Operating Officer of Eight Roads, the proprietary investment arm of Fidelity International. He began his career in investment banking at Goldman Sachs in the UK and Australia. He joined AMP Capital in April 2018.

The appointment is subject to usual regulatory approvals and follows a search process conducted by an executive search firm.

AMP Chief Executive Francesco De Ferrari said: “I’m delighted that JP will join our new leadership team. As we change and reinvent AMP, he will bring the valuable international experience of leading finance in a complex and entrepreneurial business at Virgin Group, as well as strong industry experience from his time with Goldman Sachs and Fidelity International. He has shown his capabilities over the past year as CFO and COO of AMP Capital and has a strong understanding of the group and the Australian marketplace. “I would like to sincerely thank Gordon Lefevre for his commitment and contribution to AMP, particularly through the challenging period over the past 18 months. Gordon decided the time was right to retire from AMP and will leave with our respect and appreciation of his service.”

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Gordon Lefevre

AMP Limited (AMP) has announced the launch of the offer of new additional tier 1 capital securities, AMP capital notes (capital notes).

AMP is seeking to raise A$200 million through the issue of capital notes, with the ability to raise a higher or lower amount.

The offer is expected to open on 26 October 2015 and will be made to eligible securityholders, institutional investors, clients of syndicate brokers and members of the public who satisfy the requirements set out in the prospectus.

Capital notes are expected to be listed on the ASX under the code ‘AMPPA’. Capital notes are expected to begin trading, initially on a deferred settlement basis, on the ASX on 1 December 2015.Capital notes have a face value of A$100. The minimum investment is 50 capital notes (A$5,000), and in multiples of 10 capital notes (A$1,000) thereafter.

“The capital notes issue is part of the AMP group’s ongoing funding and capital management strategy,” said AMP Chief Financial Officer, Gordon Lefevre.

“The proceeds will further strengthen the group’s capital base and meet general funding requirements, including to fund additional tier 1 capital of one or more APRA regulated entities within the group,” Mr Lefevre said.

The issuance, along with the AMP Wholesale Capital Notes issued earlier in the year, are in anticipation of the loss of transitional arrangements on the existing A$600m AXA Subordinated Notes as regulatory capital in March 2016.

The key features of capital notes include:

• Capital notes are new perpetual, convertible, subordinated and unsecured securities being issued by AMP.
• Capital notes are designed to pay discretionary, non-cumulative and quarterly floating rate distributions.
• Distributions are expected to be franked at the same rate as dividends on AMP shares (currently 85%) and the cash distribution will be reduced by a factor reflecting the value of any franking credits.
• The distribution rate will be the sum of the bank bill rate plus the margin.
• The margin will be determined under the bookbuild, and is expected to be in the range of 5.10 per cent to 5.30 per cent per annum.
• Capital notes may be exchanged (via conversion into AMP shares or via redemption or resale for cash) at AMP’s option on 22 December 2021 or following the occurrence of a tax event or regulatory event, in each case subject to the prior written approval of APRA (which is at APRA’s discretion and may not be given).
• Capital notes will mandatorily convert into AMP shares on 22 December 2023 (subject to certain conditions being satisfied). If the conditions to mandatory conversion are not met on 22 December 2023, AMP must convert all capital notes on the first distribution date after

22 December 2023 on which the conditions to mandatory conversion are satisfied. It is possible these conditions may never be met, and in this case the capital notes will remain on issue.

• Capital notes will also be converted into AMP shares or written-off if a non-viability event occurs. A non-viability event could be expected to include serious impairment of AMP and AMP group’s financial position and insolvency.

The offer is being made under a prospectus lodged with ASIC. There are risks associated with an investment in capital notes and investors should read the prospectus in full before deciding to invest. Potential investors should also consider obtaining guidance from a financial adviser or other professional adviser before deciding whether to invest.

Capital notes are unsecured and subordinated. They are not deposits or policy liabilities of, or guaranteed by, any member of the AMP group and are not guaranteed by the government or any other entity.

Interested investors can access the prospectus online at ampcapitalnotes.com.au or by requesting a prospectus by calling the numbers set out below.

A replacement prospectus, containing the margin and application forms, is expected to be available on 3 November 2015, when the offer opens.

Anyone wishing to acquire capital notes will need to complete and submit an application form included in, or accompanying, the replacement prospectus. The securityholder and general offers are expected to close on 20 November 2015 and the broker firm offer is expected to close on 27 November 2015.

UBS AG, Australia Branch has been appointed as arranger and joint lead manager.

ANZ Securities Limited, Morgans Financial Limited and National Australia Bank Limited have been appointed joint lead managers. – See more at: http://media.amp.com.au/phoenix.zhtml?c=219073&p=irol-newsArticle&ID=2100902#sthash.taBiP8oi.dpuf

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Mr Meller said the new structure and team reflects AMP’s plans to build a leaner, more efficient and increasingly customer-driven organisation.

The new structure brings together the senior leaders collectively responsible for delivering customer solutions across the organisation, as part of the one senior leadership team.

“I’m excited to announce the team that will take AMP forward as we enter the next phase of our evolution.  This new simpler structure will allow us to sharpen our focus on customers and respond to emerging opportunities more rapidly,” Mr Meller said.

The new Group Leadership Team is comprised of the following executives:

Lee Barnett – Chief Information Officer, responsible for AMP’s information technology function, workspace and sourcing.

Pauline Blight-Johnston – Group Executive Insurance and Superannuation, responsible for AMP’s risk insurance, retail superannuation, investment and pensions, and platforms business portfolios.

Rob Caprioli – Group Executive Advice and Banking, responsible for AMP’s advice, banking and corporate superannuation business portfolios.

Stephen Dunne – Managing Director AMP Capital, responsible for AMP’s investment management, investment performance and Asian growth strategy portfolios.

Gordon Lefevre – Chief Financial Officer, responsible for AMP’s finance function, effective 1 March 2014.

Matthew Percival – Group Executive Public Affairs and Chief of Staff, responsible for AMP’s public affairs function and the Office of the CEO.

Paul Sainsbury – Chief Customer Officer, responsible for AMP’s customer and self-managed superannuation business portfolios.

Brian Salter – General Counsel, responsible for AMP’s legal and governance functions.

Wendy Thorpe – Group Executive Operations, responsible for AMP’s customer service, contact centres, underwriting and claims operations portfolios.

Fiona Wardlaw – Group Executive People and Culture, responsible for AMP’s human resources function.

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Mr Lefevre will replace Mr Colin Storrie who has been with the company since 2011.

Mr Lefevre is an experienced CFO who has almost 20 years’ experience in senior finance and leadership roles. He joins AMP from Grocon where he is the Chief Financial Officer.

Previously Mr Lefevre was CEO, The Reach Foundation, and has held a number of senior finance roles at National Australia Bank, including Deputy Chief Financial Officer.

AMP Chief Executive Craig Dunn said he is delighted Mr Lefevre has accepted the CFO role with AMP.

“Gordon brings significant financial services knowledge and leadership capabilities to AMP and will be pivotal in capitalising on the success of the merger for AMP as we take the company to the next level,” said Mr Dunn.

Mr Storrie, who is leaving AMP to pursue other business interests, has worked with AMP to recruit his successor and will handover official responsibilities as CFO on 1 March 2014.

“Colin has made a significant contribution to AMP and has been a valuable member of the AMP Leadership team since he joined AMP.  He has brought a strong focus to funding, capital management and performance reporting,” said Mr Dunn.

Mr Lefevre has a Bachelor of Accounting Science (Honours) from the University of South Africa and a Bachelor of Commerce from the University of Kwazulu-Natal, South Africa and is a Chartered Accountant.

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