Home Business AMP exits private markets business with focus on banking, wealth units

AMP exits private markets business with focus on banking, wealth units

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The logo of AMP Ltd, Australia’s biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. REUTERS/David Gray

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  • Sells AMP Capital’s international infrastructure equity business
  • AMP Capital valued at up to A$2.04 bln
  • To return net cash proceeds via capital returns, buy-backs

April 28 (Reuters) – Australia’s AMP Ltd (AMP.AX) will sell unit AMP Capital’s international infrastructure equity business for up to A$699 million ($497.83 million) to U.S.-based DigitalBridge, leaving the wealth manager with banking, wealth and financial advice divisions.

AMP said on Thursday it will get an upfront cash payment of A$462 million from the sale of the assets, an additional estimated A$57 million performance fees payment, and up to A$180 million subject to future fund raising.

The sale comes just a day after the embattled wealth manager announced divestment of AMP…

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