AdviceFirst on the block

AMP has confirmed that its AdviceFirst adviser group will be sold as part of a planned IPO next year. The group is made up of 45 advisers.

Without a buyer found for the Kiwi wealth business, the financial services provider is opting instead for a sharemarket listing.

The IPO, subject to market conditions and regulatory approvals, would include AMP’s KiwiSaver, corporate superannuation, the investment business, AdviceFirst and other distribution agreements such as AMP general insurance.

A decision has yet to be made on whether to list on the NZX alone or consider a dual-listing with the ASX.