Business

AMP sells unit’s international infrastructure equity business for $498 mln

The logo of AMP Ltd, Australia’s biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. REUTERS/David Gray

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April 28 (Reuters) – Australian wealth manager AMP Ltd (AMP.AX) on Thursday announced the sale of AMP Capital’s international infrastructure equity business for up to A$699 million ($497.83 million), leaving it solely with banking, wealth and financial advice divisions.

Along with the sale of AMP Capital’s real estate and domestic infrastructure equity business and a previously announced sale of its infrastructure debt platform, the 172-year old firm has now completely exited its infrastructure investment manager, valuing it at A$2.04 billion, AMP said. read more

The sale seals AMP’s years-long quest to exit its private markets business and focus on wealth management and banking.

The company has been overhauling its strategy since a 2017 Royal Commission into the financial services industry that, along with a slew of corporate misconduct controversies, resulted in an exodus of clients.

($1 = 1.4043 Australian dollars)

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Reporting by Sameer Manekar in Bengaluru; editing by Uttaresh.V

Our Standards: The Thomson Reuters Trust Principles.

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