Australia’s AMP to sell unit’s global equities arm to Canadian firm

FILE PHOTO: 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

(Reuters) – Australian wealth manager AMP Ltd said on Tuesday it would sell the global equities business of its asset management arm to Canadian investment manager Fiera Capital for an undisclosed sum.

As part of the deal, four-year old Global Companies Fund with more than $500 million of assets under management would be transferred to Fiera Capital.

AMP Capital’s four-person investment team would also move to Fiera Capital, AMP said.

“The consideration to be paid for the Global Companies capability is not material to AMP or AMP Capital,” the company said in a statement.

The deal comes on the heels of AMP’s plans to sell 60% of AMP Capital’s private markets business to U.S.-based Ares Management for A$1.35 billion ($1.03 billion).

AMP is also looking for a buyer for its fixed income business, and has been trying to rebuild its reputation since a 2018 public inquiry into the financial sector found AMP misled regulators and engaged in misconduct.