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In a statement released this morning, AMP have confirmed that they have “received an indicative, non-binding, conditional proposal from Ares Management Corporation, a US-based company, to acquire 100% of the shares in AMP Limited by way of scheme of arrangement”.
Ares Management Corporation is a global investment manager operating across the credit, private equity and real estate markets. Founded in 1997, Ares currently has US$179 billion assets under management.
The release from AMP notes that discussions on the proposal are at a very preliminary stage and there is no certainty that a transaction will eventuate.
The announcement comes as AMP continues its portfolio review announced on September 2, 2020. The review sees AMP assessing a range of options including continuing to pursue its three-year transformation strategy.
AMP have been under the spotlight recently with their highly publicised split between AMP Wealth Management NZ and AMP Capital. A move which saw AMP Capital lose its actively managed investment portfolios to passive management from another US-based investment manager BlackRock.
AMP’s KiwiSaver fund delivered the lowest returns in each timeframe, except the past quarter according to the latest Morningstar report. A worrying statistic as the deadline to bid for a seven-year contract to hold onto their default provider status creeps closer.
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