(Reuters) -Australian wealth manager AMP Ltd on Thursday announced the sale of AMP Capital’s international infrastructure equity business for up to A$699 million ($497.83 million), leaving it solely with banking, wealth and financial advice divisions.
Along with the sale of AMP Capital’s real estate and domestic infrastructure equity business and a previously announced sale of its infrastructure debt platform, the 172-year old firm has now completely exited its infrastructure investment manager, valuing it at A$2.04 billion, AMP said.
The sale seals AMP’s years-long quest to exit its private markets business and focus on wealth management and banking.
The company has been overhauling its strategy since a 2017 Royal Commission into the financial services industry that, along with a slew of corporate misconduct controversies, resulted in an exodus of clients.
($1 = 1.4043 Australian dollars)
(Reporting by Sameer Manekar in Bengaluru; editing by Uttaresh.V)
