AMP Capital links up with Resolution
AMP Capital will undergo changes as a result of AMP's decision to break up and sell off its businesses.
Monday, October 29th 2018, 6:00AM
AMP announced last week that its life insurance business would be closed to new policyholders and all existing policies would be sold to Resolution Life.
An IPO is planned for its New Zealand wealth management business, including KiwiSaver, next year.
It effectively rules a line under a business that has been operating in New Zealand for 160 years.
But the deal won't include fund management arm AMP Capital.
AMP Capital is the remaining key business in the group.
It is 15% owned by Mitsubishi UFJ Trust and Banking Corporation and itself holds a 15% stake in China Life AMP Asset Management, which offers Chinese investors access to investment solutions.
An AMP Capital spokeswoman said the deal would have no material impact on AMP Capital's earnings broadly.
AMP Capital New Zealand would stay within AMP Capital and AMP.
"In addition, a new relationship agreement has been established with Resolution Life and AMP Capital will continue to manage wealth protection and mature assets under management. AMP Capital will also join Resolution Life’s global panel of preferred asset managers."
In an investor report for the first half of 2018, AMP reported profit of A$94 million for AMP Capital, compard to A$63m for its New Zealand financial services business.
AMP Capital's fee income increased 3% to A$360m.
It had A$189 billion in AUM.
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