AMPAM nabs Schroders fund
AMP Asset Management (AMPAM) has gained a stronghold on the property market with the purchase of Schroders’ Australian property funds management business.
The deal, worth $112.5 million, will see Schroders effectively offloading its property interests, to give AMPAM a market share of 22 per cent. It will bring property funds under management at AMPAM to $13 billion, higher than its main rivals, which include traditional property managers Lend Lease.
AMPAM will assume management rights to the $1.4 billion ASX-listed Schroders Property Fund. It will also control the Schroders Private Client Fund and the Schroders Australia Private Property Syndicate, which has combined assets totalling $1.6 billion.
Commenting on the deal, AMPAM managing director Andrew Mohl said the deal was "one of the largest property funds management transactions ever undertaken in Australia".
Schroders Australia's property principals John Kelleher and David Allott will act as consultants with AMPAM for at least six months, the group says.
Schroders, meanwhile, has stated its strategy will be to focus on its investment management and trading businesses.
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