Australian wealth manager AMP has confirmed its move to offload its investment management unit Collimate Capital, formerly known as AMP Capital.

The firm said that it is in talks with multiple parties, including real estate firm Dexus, regarding the potential sale of the assets and businesses of the unit.

AMP said in a statement: “AMP will continue these discussions with a focus on maximising the value for shareholders by getting the best outcome for clients and employees. While these discussions continue, AMP remains in a position to pursue either a sale or demerger of these businesses.”

The company also added that it will provide further updates to the market as appropriate.

In a separate announcement, Dexus confirmed that it is carrying out discussions with AMP in connection with a possible acquisition of the latter’s Australian real estate and infrastructure equity businesses.

In July last year, AMP agreed to offload AMP Capital’s Global Equities and Fixed Income business to Macquarie Asset Management in a deal worth up to $138m.

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The deal followed the wealth manager’s decision to spin off the private markets business and list it on the ASX under a new board and branding after its months-long talks with Ares Management failed.

Ares had signed a non-binding agreement with AMP to take a 60% stake in the private markets business while the latter would retain the remaining 40% interest.

Ares initially offered a non-binding indicative proposal for AMP and later backed out of the offer citing the declining performance of the firm’s wealth unit.