AMP completes GEFI sale to Macquarie Asset Management

AUM/macquarie/amp/

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

So we are now underwriting criminal scams?...

2 months 3 weeks ago

Glad to see the back of you Steve. You made financial more expensive, not more affordable as you claim, and presided ...

2 months 4 weeks ago

Completely agree Peter. The definition of 'significant change is circumstances relevant to the scope of the advice' is s...

5 months ago

ASIC has suspended the Australian Financial Services Licence of a Melbourne-based financial advice firm....

2 weeks ago

The corporate regulator has issued infringement notices to three AFSLs whose financial advisers provided personal advice to a retail client while unregistered....

2 weeks 5 days ago

ASIC has released the results of its first adviser exam to be held in 2025, with 241 candidates attempting the test....

3 weeks 3 days ago

TOP PERFORMING FUNDS

ACS FIXED INT - AUSTRALIA/GLOBAL BOND