Australian financial services group AMP Capital, which owns infrastructure assets across the UK, Europe and North America, confirmed on Thursday that it is the subject of potential takeover offers.
Parent AMP Group plans to spin off its asset management arm and list it on the Australian stock exchange later this year.
The unit has been hit by years of scandals, including revelations in 2018 it had been charging customers for financial advice without providing any services.
“AMP has noted market speculation regarding potential interest in the AMP Capital business,” the company said in a stock exchange filing on Monday.
“AMP confirms it has received inbound enquiries regarding the AMP Capital business, which is not unusual at this point in a demerger preparation process,” it added. “AMP will consider any approaches in line with its obligation to act in the best interests of shareholders.”
AMP Capital has about A$178 billion ($128 billion) in assets under management, including A$25.9 billion in infrastructure assets, making it one of the largest such investment managers in the world.
The group has already agreed to sell AMP Capital’s equity and fixed income arm to Macquarie Group, and has sold its life insurance business to Resolution Life.
Once AMP Capital is spun off, the remaining company will specialise in wealth management and banking.
- George Russell
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