Craig Dunn, AMP’s chief executive, says the 2008 global financial crisis has perhaps changed asset managers’ relationships with their customers forever.
“People are less trusting than they once were,” says Dunn, 48. “There is a lot of focus on liquidity.”
Dunn, who became chief executive officer in January 2008, says now consumers of financial products are more “value conscious”.
“People are more focused on outcomes,” he told a group of reporters in Sydney on May 21.
AMP, which manages about $159 billion, has more than 3.8 million customers. Dunn is trying to get his 6000 colleagues to be “creativity restless”.
“AMP needs to change as quickly as the world,” he says.
Dunn wants AMP to be on top of technology and regulatory changes so as to take advantage of new software and hardware, processes or laws that may fundamentally shift how asset management is conducted.
“We do have the capacity to rationalise systems,” he says.