AMP completes sale of GEFI business

On Monday (28 March), AMP declared the completion of the sale of its world equities and preset earnings (GEFI) business to Macquarie Asset Administration, which will see its $47 billion assets beneath administration transferred from AMP Funds to MAM.

The prosperity large will now obtain a internet completion total of $63 million in cash from MAM and is eligible for a even further hard cash earn-out up to $75 million to be compensated following the next calendar year of the transaction’s completion.

The total of that hard cash earn-out is still to be disclosed.

“The completion of the GEFI transaction is a important milestone in Collimate Capital’s separation from AMP and preparation for demerger,” AMP capital chief executive Shawn Johnson stated.

“Our groups have been actively performing to make certain a smooth changeover of cash and clients and we’re self-assured that MAM, and our talented teams who are transferring, will provide excellent results for them.

“We would like to thank the Macquarie team for the partnership via the transaction and wish our men and women becoming a member of their group every achievements.”

The sale was first announced in July last calendar year for a thought of up to $185 million.

AMP completes sale of GEFI business

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Final Up to date: 29 March 2022

Posted: 28 March 2022

Neil Griffiths

Neil Griffiths

Neil is the Deputy Editor of the wealth titles, together with ifa and InvestorDaily.

Neil is also the host of the ifa clearly show podcast.

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