The dismemberment of the AMP asset base continues with AMP Capital announcing that it had sold its global fund management business to a Canadian asset manager called Fiera Capital.
Fiera is a substantial funds manager and reported $C180 billion under management at the end of 2020.
The deal includes AMP’s four-person investment team and the sale of its global companies fund with more than $US500 million ($A654 million) under management.
AMP Capital global head of public markets Simon Warner said the partnership would help the business “achieve scale and accelerate growth”.
“After being established in 2017, [Global Companies Fund] has delivered great returns for our clients and I have no doubt that this will continue under new leadership,” he said.
The deal also includes the sale of its Luxembourg-domiciled UCITS platform, which offers global infrastructure and real estate funds to UK and European institutional investors. AMP said this part of the deal would be subject to regulatory approvals.
The sale came after AMP said it was selling 60% of AMP Capital to US investment firm Ares for $A1.35 billion. Ares took a brief interest in bidding for AMP earlier this year but called off the deal without an explanation.
In a statement, Fiera’s Global President Jean–Philippe Lemay, Global President and Chief Operating Officer said “The (AMP Capital) team is a perfect fit with the Company, sharing in our client-focused culture and dedication to investment excellence.
“What’s more, the acquisition of a Global Equity team capability outside of North America builds on our global ambitions of building robust investment platforms in markets where we see opportunities for growth,” he added.
AMP shares rose 2.4% to $1.465.
