Trump ‘Revenge’ Tax Prompts AMP to Halt Long-Term US Investments

One of Australia’s top asset managers has frozen new long-term investments in the US, citing mounting uncertainty over President Donald Trump’s policies.

AMP Ltd.’s main concern is a proposal to lift taxes on US income of non-US businesses as part of Trump’s sweeping domestic policy legislation, Head of Portfolio Management Stuart Eliot said in an interview. Roughly a third of the pension and wealth firm’s A$135 billion ($88 billion) of assets under management are US-domiciled, he said.

“I’d say it’s irresponsible to make new long-term investments in the US,” Eliot said, citing so-called Section 899 provision as a key driver. ...