AMP sells unit’s international infrastructure equity business for $498 million

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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)