AMP completes GEFI sale to Macquarie Asset Management

AUM macquarie amp Array

29 March 2022
| By Liam Cormican |
image
image
expand image

AMP has announced the successful completion of the sale of its Global Equities and Fixed Income (GEFI) business to Macquarie Asset Management (MAM), part of Macquarie Group.

Plans to sell AMP’s GEFI business to MAM were announced in July last year.

Shawn Johnson, AMP Capital chief executive, said: “The completion of the GEFI transaction is a key milestone in Collimate Capital’s separation from AMP and preparation for demerger.

“Our teams have been actively working to ensure a smooth transition of funds and clients and we’re confident that MAM, and our talented teams who are transferring, will deliver great outcomes for them.”

As part of the sale, assets under management (AUM) of around $47 billion would transfer from AMP Capital to MAM, subject to unitholder approvals while AMP would receive a net completion amount of approximately $63 million in cash from MAM.

The reduction from the total potential proceeds reflected reductions in AUM and client pricing changes since the sale agreement.

AMP remained eligible for a further cash earn-out up to $75 million payable after the second anniversary of transaction completion, subject to certain conditions including revenue targets. The amount remained uncertain with the retention of AUM being the main driver.

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 2 weeks ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 2 weeks ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 2 weeks ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

4 weeks 1 day ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

3 days 8 hours ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 6 days ago