- July 8, 2021
- Posted by: Stratford Team
- Category: Business
(Reuters) – AMP Ltd will sell its global equities and fixed income (GEFI) business to Macquarie Group’s asset management arm, the two companies said on Thursday, as the embattled wealth manager shrinks itself ahead of a spin-off.
The announcement comes after AMP, Australia’s best-known manager of retirement savings, decided in April to spin off the private markets business of AMP Capital, the unit that holds GEFI, after failing to sell it to Ares Management Corp.
AMP shares, which are down nearly 30% this year, rose as much as 1.8% on Thursday, outperforming other financial firms and the broader market.
Macquarie Asset Management will shell out up to A$185 million ($138 million) for GEFI, which manages about A$60 billion in assets. Once completed, the Macquarie arm will see assets it manages rise to A$720 billion, the companies said in separate statements.
AMP, which continues to lose clients after three years of scandals, had embarked on an overhaul…