by Daniel Smith
AMP Capital have announced that they have reached an agreement with Fiera Capital, a global investment manager headquartered in Montreal, for the sale of its Global Companies Fund (GCF).
The announcement is the first in a series of widespread restructuring to AMP Capital’s Global Equities and Fixed Income (GEFI) portfolios, which would see the firm exiting the listed market.
This is the second deal the company has struck with a North American firm after signing on to a joint venture with Ares Management in February.
The sale includes AMP Capital’s four-strong investment team which will transfer with the GCF to Fiera Capital.
In August 2020, AMP Capital announced its strategy for the GEFI businesses was to explore opportunities to increase their scale and accelerate growth.
AMP Capital global head of public markets, Simon Warner says that this sale reflects on that strategy, “After being established in 2017, GCF has delivered great returns for our clients and I have no doubt that this will continue under new leadership.”
The GCF, which has assets under management of more than US$500 million, will be transferred over to new ownership following regulatory and other approvals. AMP Capital and Fiera Capital have stated that they are committed to ensuring that clients experience a seamless transition.
In the coming weeks, AMP Capital and Fiera Capital will formalise the long-term distribution and management arrangements to best support the AMP Capital GCF in Australia and New Zealand.
The amount paid for the fund is not stated. Although a statement from AMP claims that “The consideration to be paid for the Global Companies capability is not material to AMP or AMP Capital.”
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