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Futuro turns back on AMP buyout

Futuro Financial Services has announced the proposed five-year buyout by AMP will no longer proceed, with the institution retaining its 10 per cent stake.

A statement from the dealer group today announced that the decision was mutual and that Futuro advisers will continue to utilise the services of AMP’s Jigsaw business.

The statement also revealed that the chances of AMP increasing its stake have now diminished, with managing director Dennis Bashford pointing to a new, more confident strategic direction.

“Now that there is some clarity in relation to industry regulation, we have been able to firm up our strategic direction,” Mr Bashford said.

“We believe that this is the best outcome for all parties involved, and will give our advisers the best of both worlds."