Macquarie rumoured to be looking at AMP Capital
There is speculation across the Tasman that Australian bank, Macquarie, is interested in acquiring AMP Capital in New Zealand.
Friday, July 2nd 2021, 7:47AM 
4 Comments
The Australian newspaper has speculated that Macquarie is looking at AMP Capital at a time when AMP is looking to sell more non-core assets.
It cites unnamed sources that the business was potentially worth $500 million.
The speculation comes at at time when AMP Capital in New Zealand is about to lose the bulk of business from its largest customer - AMP Wealth.
AMP Wealth is in the process of transitioning from active management to a passive style using Blackrock.
The $10 billion move was slated to happen in mid-July but has not been officially pushed back to the third quarter of 2021.
The business has previously been slated for divestment through a sale, or NZX listing, before AMP decided to keep it as a stand-alone operation.
The renewed talk of a sale has been prompted by expectations that AMP, badly scarred in the fallout from the Australian banking Royal Commission, will need extra funds to cover further consumer and restructuring costs.
As usual neither party was prepared to comment.
The Australian also reports that there is also talk in the market that AMP will soon revisit the sale of its New Zealand wealth management division after earlier attempts to find an acquirer.
AMP recently lost its status as a default KiwiSaver provider.
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Would anyone question why the government took KiwiSaver status off AMP.
It is reported elsewhere that they have delayed the ove to passive and I wonder if they are still charging very high fees to customers.