{"id":114458,"date":"2021-02-26T01:19:57","date_gmt":"2021-02-26T01:19:57","guid":{"rendered":"https:\/\/precoinnews.com\/?p=114458"},"modified":"2021-02-26T01:19:57","modified_gmt":"2021-02-26T01:19:57","slug":"amp-shares-surge-on-ares-bid-to-buy-60-of-units-private-markets-business","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/amp-shares-surge-on-ares-bid-to-buy-60-of-units-private-markets-business\/","title":{"rendered":"AMP shares surge on Ares bid to buy 60% of unit's private markets business"},"content":{"rendered":"

(Reuters) – U.S.-based Ares Management plans to buy 60% of the private markets business of AMP Ltd\u2019s asset management arm for A$1.35 billion ($1.06 billion), the pair said on Friday, weeks after scrapping a bid for all of the Australian company.<\/p>

FILE PHOTO: The logo of AMP Ltd, Australia’s biggest retail wealth manager, adorns their head office located in central Sydney, Australia, May 5, 2017. REUTERS\/David Gray<\/figcaption>

AMP shares on Friday surged 6.5%, far outperforming its peers and a broader market deep in the red, to A$1.485 – their biggest rise since November last year.<\/p>\n

Under the deal, the Australian wealth manager will retain 40% of AMP Capital\u2019s private markets business, worth A$900 million, which deals in infrastructure and real estate investments. The whole joint venture is valued at A$2.25 billion.<\/p>\n

Earlier in February, AMP said Ares had withdrawn a A$6.36 billion takeover proposal for the whole company, instead continuing talks over AMP Capital – considered its most valuable unit.<\/p>\n

The wealth manager has lost two-thirds in value and struggled to repair its reputation since a 2018 public inquiry into the financial sector found AMP misled regulators and engaged in misconduct.<\/p>\n

With the proposed deal, AMP\u2019s portfolio review launched last September comes to an end, the company said, adding that it and Ares now had 30 days to exclusively work toward a binding agreement.<\/p>\n

It also said it was \u201cactively\u201d exploring the sale or a partnership deal for its global equities and fixed income business, while keeping ownership of AMP Capital\u2019s public markets business.<\/p>\n

Through the joint venture, AMP will be able to leverage the global presence of Ares, which had $197 billion in assets under management at the end of December.<\/p>\n

\u201cWe\u2019ve been impressed by the growth of AMP Capital\u2019s private markets business over the past several years,\u201d Ares\u2019 CEO Michael Arougheti said in a joint release.<\/p>\n

He added that Ares\u2019 time with AMP during its portfolio review \u201cfurther cemented our view on the intrinsic value of this business under our leadership.\u201d<\/p>\n

($1 = 1.2721 Australian dollars)<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

(Reuters) – U.S.-based Ares Management plans to<\/p>\n","protected":false},"author":3,"featured_media":114457,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23051],"tags":[],"yoast_head":"\nAMP shares surge on Ares bid to buy 60% of unit's private markets business - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/business\/amp-shares-surge-on-ares-bid-to-buy-60-of-units-private-markets-business\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AMP shares surge on Ares bid to buy 60% of unit's private markets business - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"(Reuters) – U.S.-based Ares Management plans to\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/business\/amp-shares-surge-on-ares-bid-to-buy-60-of-units-private-markets-business\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-26T01:19:57+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/02\/cnewsfotor30-2.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/business\/amp-shares-surge-on-ares-bid-to-buy-60-of-units-private-markets-business\/\",\"url\":\"https:\/\/precoinnews.com\/business\/amp-shares-surge-on-ares-bid-to-buy-60-of-units-private-markets-business\/\",\"name\":\"AMP shares surge on Ares bid to buy 60% of unit's private markets business - 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