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AMP Ares deal formally axed

AMP has announced the formal end to sale discussions with US fund management giant Ares, opting instead to split AMP Capital “private markets” section of the business in a demerger.

Friday, April 23rd 2021, 11:06AM

by Daniel Smith

AMP today revealed they have opted for a demerger. The “private markets” component of the business will be split off by the end of this year.

According to the statement, the plan for AMP moving forward is to “create two more focused businesses, better equipped to pursue and allocate capital to distinct growth opportunities, and realise efficiencies”.

The two businesses would be AMP Limited, “A retail-focused, wealth management, investment and banking group with scale and market-leading positions in the Australian and New Zealand market.”

And Private Markets, “A leading global private markets investment manager with a strong performance track record in differentiated asset classes of infrastructure equity, infrastructure debt and real estate, and capabilities to expand into attractive growth adjacencies.”

AMP Limited would retain: a minority stake in Private Markets of up to 20% to participate in the future growth of the business; AMP Capital’s global equity and fixed income (GEFI) business, for which AMP is currently exploring sale or partnership options; and AMP Capital’s multi-asset group, which is in the process of being transferred to the AMP Australia business.

The same release shows a leadership shake-up at the top for AMP, stating “As part of the separation of Private Markets, AMP Capital’s global head of infrastructure equity and north west region, Boe Pahari, has decided to leave the business.”

As previously announced, Alexis George will be the CEO of AMP Limited and will be joining AMP later this year.

The hunt for a CEO to helm the private markets wing of the business is underway, with AMP conducting an international search process, while David Atkin continues to lead the business from an operational perspective.

AMP chair Debra Hazelton said in a statement “We have had substantial and constructive discussions with Ares regarding a sale, however, we have not been able to reach an agreement that would deliver appropriate value for our shareholders.

“The board has therefore concluded a demerger provides investors with the strongest value outcome, creating two more focused entities, with the agility to pursue new growth opportunities in their respective markets.

“We will now accelerate our demerger planning, building on the preliminary work already undertaken.” 

AMP plans to commence the demerger immediately, following board and regulatory approval.

Michael Sammells has been appointed interim chairman of the Private Markets board.

Tags: AMP AMP Capital Ares

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  • The death of the single adviser FAP
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    “change for the better is good, all for it. but change for the sake of changing is bad. should "consultants / experts" be...”
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Last updated: 6 May 2021 10:51am

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