AMP to spin off private markets business

AMP has announced it will pursue a demerger of its private markets arm, while a controversial executive will exit the business.

After failing to reach a deal with US investment manager Ares, the wealth giant announced on Friday it would pursue a demerger of AMP Capital’s private markets arm consisting of infrastructure equity, infrastructure debt and real estate.

“The proposed demerger follows a decision by the AMP board to conclude discussions with Ares Management Corporations regarding a potential sale of Private Markets,” the group said.

AMP said the demerger would create “two more focused businesses in the retail-focused wealth management business AMP, and the “leading global investment manager” private markets.


AMP would retain a 20 per cent stake in the private markets business as well as AMP Capital’s global equity and fixed income business, for which it was currently exploring partnership options.

As a result of the separation of that part of the business, AMP said, AMP Capital global head of infrastructure equity and north-west region Boe Pahari would exit.

Mr Pahari, who was given the role of chief executive of AMP Capital last year, was demoted following a scandal around previous sexual harassment claims against him.

David Atkin would lead the private markets business on an operational basis until a new separate chief executive could be found, while Alexis George would join AMP as its new head in the third quarter.

AMP to spin off private markets business
AMP to spin off private markets business
ifa logo

Subscribe to the ifa bulletin

Receive daily online news,analysis, reports and business strategies
By signing up you agree to our Terms of Use and Privacy Policy

from the web

Website Notifications

Get notifications in real time and stay up to date with content that matters to you.