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July 9, 2021

Macquarie to buy AMP Capital GEFI business from AMP

By Verdict Staff

AMP has agreed to sell AMP Capital’s Global Equities and Fixed Income (GEFI) business to Macquarie Asset Management for a consideration of up to $138m (A$185m).

The Australian investment manager said that the sale is part of its strategy to focus on high-growth opportunities in private markets across real estate, infrastructure, and related adjacencies.

AMP is preparing the business for its planned demerger from AMP Limited next year.

AMP Capital’s GEFI business currently manages approximately A$60bn in assets under management (AuM) for AMP Australia as well as a number of external institutional, retail and direct clients.

Following the sale, AMP Capital’s Australian and global listed equities and global fixed income capabilities will be integrated with Macquarie’s public investments platform.

The combination with Macquarie is expected to position GEFI to further enhance its client service offering and to bolster its client base and product set over time.

The transaction will also allow GEFI to benefit from Macquarie Asset Management’s scalable global operating platform.

AMP Acting CEO James Georgeson said: “Macquarie is a high quality and respected manager, with a complementary culture and capabilities, well-placed to develop the business and deliver continued strong investment performance for its expanded client base.

“We are committed to working with Macquarie to integrate and transition our clients and teams, and to explore new partnership opportunities to enhance the products and services we both provide to our clients.”

Macquarie Asset Management head Ben Way added: “This transaction represents another opportunity to add high-quality, complementary capabilities as we continue to scale the MAM public investments platform.”

The transaction is expected to close in the first quarter of the next year, subject to customary closing conditions.

Following the completion of the deal, GEFI’s assets under management, investment teams focused on GEFI’s clients around the world, and other key staff will transfer to Macquarie.

Macquarie is expected to have AuM of approximately A$720bn post transaction completion.

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