Australian investment manager AMP Capital has agreed to offload the global equities business of its asset management unit to Canadian investment manager Fiera Capital.

As part of the deal, Global Companies Fund, which has over $500m in assets under management, will be transferred to Fiera Capital.

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In addition, a four-member invest team from AMP will also join Fiera Capital.

Last August, AMP said that is looking for a strategy for its Global Equities and Fixed Income businesses to explore opportunities, including partnerships, to ramp up growth.

Speaking on the latest development, AMP Capital global head of public markets Simon Warner said: “This agreement delivers on AMP Capital’s strategy to find the best opportunities for our GEFI capabilities to achieve scale and accelerate growth.

“After being established in 2017, GCF has delivered great returns for our clients and I have no doubt that this will continue under new leadership.”

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AMP said that the GCF series will continue to be managed together with AMP Capital by the current investment team until the closure of the transaction.

It will work together with Fiera to ensure that current client terms and conditions will not be impacted, offering a seamless transition experience to clients.

The latest deal comes close on the heels of AMP’s non-binding agreement with US-based private equity firm Ares Management for a A$2.25bn ($1.8bn) joint venture (JV) for its private markets business.

Previously, Ares scrapped its $4.9bn buyout offer for AMP.

Ares, which earlier offered to acquire 100% of AMP with each share priced at $1.85, said that it is only interested in AMP’s $190bn asset management unit, AMP Capital.