On Monday (28 March), AMP announced the completion of the sale of its global equities and fixed income (GEFI) business to Macquarie Asset Management, which will see its $47 billion assets under management transferred from AMP Capital to MAM.
The wealth giant will now receive a net completion amount of $63 million in cash from MAM and is eligible for a further cash earn-out up to $75 million to be paid after the second year of the transaction’s completion.
The amount of that cash earn-out is yet to be revealed.
“The completion of the GEFI transaction is a key milestone in Collimate Capital’s separation from AMP and preparation for demerger,” AMP capital chief executive Shawn Johnson said.
“Our teams have been actively working to ensure a smooth transition of funds and clients and we’re confident that MAM, and our talented teams who are transferring, will deliver great outcomes for them.
“We would like to thank the Macquarie team for the partnership through the transaction and wish our people joining their team every success.”
The sale was first announced in July last year for a consideration of up to $185 million.