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AMP receive buyout offer from US investment company

AMP have announced that they have received an offer for 100% share buyout from US investment management firm Ares.

Friday, October 30th 2020, 10:36AM 1 Comment

In a statement released this morning, AMP have confirmed that they have “received an indicative, non-binding, conditional proposal from Ares Management Corporation, a US-based company, to acquire 100% of the shares in AMP Limited by way of scheme of arrangement”.

Ares Management Corporation is a global investment manager operating across the credit, private equity and real estate markets. Founded in 1997, Ares currently has US$179 billion assets under management.

The release from AMP notes that discussions on the proposal are at a very preliminary stage and there is no certainty that a transaction will eventuate.

The announcement comes as AMP continues its portfolio review announced on September 2, 2020. The review sees AMP assessing a range of options including continuing to pursue its three-year transformation strategy.

AMP have been under the spotlight recently with their highly publicised split between AMP Wealth Management NZ and AMP Capital. A move which saw AMP Capital lose its actively managed investment portfolios to passive management from another US-based investment manager BlackRock.

AMP’s KiwiSaver fund delivered the lowest returns in each timeframe, except the past quarter according to the latest Morningstar report. A worrying statistic as the deadline to bid for a seven-year contract to hold onto their default provider status creeps closer.

Tags: AMP Capital AMP Life Ares Blackrock

« AMP a laggard with KiwiSaver default status on the lineMann on a mission to diversify financial advice »

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Comments from our readers

On 30 October 2020 at 12:01 pm Do what is right said:
This will see the end of an appalling decade of incompetent management at senior level of AMP. They have driven am icon insurer into the ground. This degree of ineptness in some businesses would lead to prison for those responsible.

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Lender Flt 1yr 2yr 3yr
AIA - Back My Build 5.44 - - -
AIA - Go Home Loans 7.99 5.99 5.69 5.69
ANZ 7.89 6.59 6.29 6.29
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ANZ Special - 5.99 5.69 5.69
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BNZ - Mortgage One 7.94 - - -
BNZ - Rapid Repay 7.94 - - -
BNZ - Std 7.94 5.99 5.69 5.69
BNZ - TotalMoney 7.94 - - -
CFML 321 Loans 6.20 - - -
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CFML Prime Loans 8.25 - - -
CFML Standard Loans 9.20 - - -
China Construction Bank - 7.09 6.75 6.49
China Construction Bank Special - - - -
Co-operative Bank - First Home Special - 5.79 - -
Lender Flt 1yr 2yr 3yr
Co-operative Bank - Owner Occ ▲8.15 ▲6.79 ▲6.45 ▲6.29
Co-operative Bank - Standard 7.65 6.49 6.25 6.19
Credit Union Auckland 7.70 - - -
First Credit Union Special - 6.40 6.10 -
First Credit Union Standard 8.50 7.00 6.70 -
Heartland Bank - Online 7.49 ▼5.65 ▼5.55 ▼5.55
Heartland Bank - Reverse Mortgage - - - -
Heretaunga Building Society 8.90 7.00 6.50 -
ICBC 7.49 5.99 5.65 5.59
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Kainga Ora - First Home Buyer Special - - - -
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Kiwibank 7.75 6.89 6.59 6.49
Kiwibank - Offset 8.25 - - -
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SBS Bank Special - ▼6.15 5.69 5.69
SBS Construction lending for FHB - - - -
Lender Flt 1yr 2yr 3yr
SBS FirstHome Combo 5.44 ▼5.15 - -
SBS FirstHome Combo - - - -
SBS Unwind reverse equity 9.75 - - -
TSB Bank 8.69 6.79 6.49 6.49
TSB Special 7.89 5.99 5.69 5.69
Unity ▼7.64 5.99 5.69 -
Unity First Home Buyer special - 5.49 - -
Wairarapa Building Society ▼8.10 ▼6.19 ▼5.79 -
Westpac 8.39 6.89 6.39 6.39
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Westpac Special - 6.29 5.79 5.79
Median 7.99 6.24 6.09 5.69

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