AMP enlists former JP Morgan director to board

According to AMP Limited, Andrew Best will serve as a non-executive director from 1 July, and brings over 30 years of accumulated experience within the finance and banking sectors to the role. 

Between 1989 to 2020, Mr Best served in a range of managing director roles for JPMorgan Chase & Co, with his most recent title being head of investment banking for Australia and New Zealand.

Prior to this position, Mr Best was the head of the financial institutions investment banking business, again for Australia and New Zealand, from 2004 to 2017. 

Since late 2020, Mr Best has also served as a member of the Ord Minnett Private Opportunities Fund’s investment committee. 

This was followed by his role as panel member with Adara Group, commencing his time with the advisory outfit in early 2021. 

Speaking of the appointment, AMP Limited chair Debra Hazelton said Mr Best’s addition will help take the group towards a simpler and more customer-focused direction. 

“We’re delighted to have a financial services leader of Andrew’s calibre join the AMP board, adding to the strong and experienced team of current non-executive directors driving AMP’s transformation,” Ms Hazelton said. 

“Andrew will bring strong expertise and valuable insights in capital management, financial markets and mergers and acquisitions, gained from an extensive career both in Australia and internationally. 

“We look forward to his contribution as we take AMP forward as a simpler and customer-focused organisation.”

Earlier this month, AMP Limited’s banking arm, AMP Bank, confirmed it would be integrating two new NextGen technologies in a step to ultimately reduce turnaround times. 

Speaking of the decision, AMP Bank group executive Sean O'Malley said the move was to ensure that the bank “continues to deliver fast and consistent service to support customers to put their best foot forward in the property market”. 

Since late March, the bank has offered digital signatures for loan applications as a means to simplify and speed up the mortgage approval process for brokers and their customers.

In May, AMP Bank also revealed that it would also be launching a digital mortgage for retail customers during the third quarter of the calendar year. 

“Customers increasingly need home loan application approvals at pace, to match the fast-moving nature of the real estate market,” Mr O'Malley said at the time. 

“A fully digital mortgage offer will enable AMP Bank to better help customers achieve their home ownership aspirations, whether it is a home to live in or an investment property.”

[Related: AMP boosts digital footprint in bid to slim turnarounds]