AMP Capital has sold its global companies capability to Canadian investment manager Fiera Capital.
The sale has included the segment’s dedicated investment team of four, with an intention to transfer across the Global Companies Fund (GCF) UCITS platform series.
GCF has assets under management of more than US$500 million, and is still in its start-up phase, using seed capital.
AMP has not disclosed how much the capability sold for, however it stated the consideration is “not material to AMP or AMP Capital”.
The group had signalled it was considering opportunities, including partnerships, for its global equities and fixed-income businesses in August, to increase their scale and growth.
AMP Capital global head of markets Simon Warner commented: “The 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.”
The proposed transfer of the GCF UCITS platform series is subject to regulatory and other approvals.
In the coming weeks, AMP Capital and Fiera Capital will formalise the long-term distribution and management arrangements to best support the AMP Capital Global Companies Fund in Australia and New Zealand.
The two companies have promised to ensure that existing client terms and conditions are not impacted.
The agreement has followed AMP indicating it is looking to sell the AMP Capital private markets business to US group Ares Management Corporation.
Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth.
Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio.
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