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Troubled Australian financial services giant AMP Ltd will evaluate offers for all assets and businesses, including AMP Capital, in a ‘considered and holistic manner’.
The two funds, which both count public-sector workers among their membership, say a merger will lead to stronger returns and lower fees for members.
First State Super CEO Deanne Stewart will continue as chief executive of the merged entity, which the two funds said would provide access to more investment opportunities and reduce costs.
The two funds are the first to merge using an extended public offer licence, allowing the combined entity to maintain two separate brands and leaving open the possibility of other superfunds joining in future.
A merger would create country’s second-biggest superfund, behind only AustralianSuper and ahead of QSuper.
Sister publication PEI's interactive charts paint a picture of how the two would marry together.
The deal will allow Oaktree to operate independently, though Brookfield intends to build up its stake.
AMOAI, the new entity resulting from Asset Management One’s acquisition of Mizuho Global Alternative Investments, is targeting close to $900m for the new vehicle.
The deal is a debut transaction for the government-backed vehicle’s Strategic Fund and comes amid growing concerns surrounding bad loans in the country’s infrastructure sector.
Commonwealth Bank of Australia is selling the asset manager in a separate transaction from the planned demerger of its wealth management businesses.
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