AMP general counsel Brian Salter is again looking to establish a law firm panel, this time for international legal work.
Salter established two new legal panels for Australian legal work late last year, combining elements of the previous AMP and AXA legal panels, but will establish a separate international panel in the second half of this year to address the growing international nature of AMP’s business. “There is an increasing focus by us offshore, particularly through our funds' manager AMP Capital,” said Salter. In December last year AMP Capital Investors entered into a strategic business and capital alliance with Japanese trust bank, Mitsubishi UFJ Trust and Banking Corporation (MUTB). As such, MUTB will distribute AMP Capital's products to Japanese institutional investors while AMP retail investors will also have access to products through MUTB, its parent company, Mitsubishi UFJ Financial Group’s retail banking and securities businesses and through third party distributors.
Salter said the aim of the panel was to ensure that the business had trusted legal advisors ready to assist them when and where they needed them. “Previously we had operated on the provision that we would seek out overseas law firms as and when we needed them in a particular market,” said Salter. “But, as it is my responsibility to manage legal risk, that includes internationally, we need to have a structured process to the selection of our law firms.”
The Australian-based financial services and insurance company is also in the midst of establishing a new combined New Zealand legal panel. “The current panel finishes in June, and it is a good time to establish a combined panel for that market,” added Salter.
AMP and AXA Asia Pacific Holdings' Australia and New Zealand businesses merged to form one business under the AMP group on March 31 2011.
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