1 Comment 1 CommentAMP has been trying to divest its wealth management for sometime, initially via an IPO and more recently as a trade sales.
Bids for the business closed in March and three parties were reportedly interested in the business including TA Associates, Mercer, Macquarie and KKR.
The sale price was thought to be between $400-$500 million.
AMP says that the New Zealand wealth management will be retained by AMP and will now focus on plans to develop and grow the business in its existing markets.
"AMP held discussions with a number of interested parties regarding the divestment, but the offers received did not meet the company’s expectations."
AMP will provide a further update on New Zealand wealth management when it releases its first half results in August.
The wealth business was previously separated from the life business and it includes KiwiSaver, Advice First and its corporate superannuation and retail funds management business.
It took a hit in the March quarter this year reporting outflows of $1.2 billion as investment markets fell.
At the end of March funds under management declined from A$12.3 billion three months earlier to less than A$11.1 billion.
AMP is still waiting to finalise the sale of its life business to Resolution Life. This deal requires Reserve Bank approval.
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