Australia’s AMP confirms in talks to sell investment management unit

(Reuters) -Australian wealth supervisor AMP Ltd confirmed on Tuesday it was in talks with a number of events, together with actual property agency Dexus, for a possible sale of belongings and companies of its funding administration unit Collimate Capital, previously AMP Capital.

The announcement comes after media stories indicated AMP was in discussions to promote Collimate in a bid to simplify its enterprise.

Dexus, in a separate submitting, confirmed it was engaged with AMP relating to a attainable acquisition of the 172-year-old firm’s Australian actual property and infrastructure fairness companies.

“Whereas these discussions proceed, AMP stays ready to pursue both a sale or demerger of those companies,” the wealth supervisor mentioned.

The deal, if it materialises, pivots the corporate away from its demerger plan for AMP Capital’s personal markets enterprise, as an alternative opting to promote elements of the infrastructure funding managing unit one after the opposite. (https://bit.ly/3On34np) (https://bit.ly/3K0MbeU)

(Reporting by Tejaswi Marthi in Bengaluru; Modifying by Krishna Chandra Eluri)