AMP Limited has confirmed a number of parties are interested in the potential sale of Collimate Capital, formerly AMP Capital.
In a new statement, AMP confirmed it is in discussions with “multiple parties” including Dexus.
“AMP will continue these discussions with a focus on maximising the value for shareholders by getting the best outcome for clients and employees. While these discussions continue, AMP remains in a position to pursue either a sale or demerger of these businesses,” the statement read.
“AMP will provide further updates to the market as appropriate.”
In a separate statement, Dexus also confirmed it has engaged in discussions with AMP about a possible transaction.
“Dexus notes that it regularly reviews strategic opportunities that have the potential to enhance Security holder value and at this stage, there is no certainty that a transaction will result,” the company said.
“Dexus will update the market as necessary in line with its continuous disclosure obligations.”
The news comes just weeks after AMP completed the sale of its global equities and fixed income (GEFI) business to Macquarie Asset Management (MAM), which saw its $47 billion assets under management transferred from AMP Capital to MAM.
At the time, AMP Capital chief executive Shawn Johnson said the sale was a “key milestone” in Collimate Capital’s separation from AMP.
“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,” Mr Johnson said.
Soon, AMP will be left as a pure financial advice business, having sold off all of its assets of value. Maybe I am missing something, but I would have closed down the advice business and kept all of the other business lines (while also losing the ‘AMP’ name with a necessary rebrand project).