AMP Capital agreed last year to sell its global equities and fixed income (GEFI) business to Macquarie Asset Management. This sale includes AMP Capital’s New Zealand investment operations.
Once completed AMP Capital’s capabilities in global listed equities and global fixed income will be combined with Macquarie's public investments platform and GEFI will become part of Macquarie.
"We believe Macquarie Asset Management is a great home for the GEFI business, given its deep expertise and commitment to asset management. There is a genuine alignment between the teams and an opportunity to benefit from each business’s complementary strategies and expertise," AMP Capital NZ managing director Rebekah Swan says in a note to clients.
"The transaction will allow GEFI and the New Zealand business to benefit from Macquarie’s scalable global operating platform."
The sale is due to be completed on March 26. After that date GEFI’s assets under management (including those managed by the New Zealand business), certain investment teams and other key staff will transfer to Macquarie.
AMP Capital in Australia will continue to operationally support the New Zealand business for a period following completion of the sale to Macquarie.
We are committed to working with MAM to ensure a smooth transition and have undertaken detailed work to plan the transition and agree all the services required during this time. A dedicated integration office has been established to ensure minimal disruption to clients during the transition period.
For most funds there is no change to fund objectives, benchmarks, fund management or fees and charges. The only change will be the renaming of funds from AMP Capital to Macquarie.
The exceptions are that the Global Property Securities Fund will become the Global Listed Real Estate Fund and the Global Short Duration Fund will be renamed the Global Income Opportunities Fund. In addition, there will be a change of fund manager to Macquarie Asset Management for the Australian Equities Fund and Global Listed Infrastructure Fund.
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