AMP (ASX:AMP) completes $63m sale to Macquarie

AMP (ASX:AMP) has completed the sale of its Global Equities and Fixed Income business to Macquarie Asset Management (MAM) for $63 million.

As part of the sale, assets under management (AUM) of $47 billion will transfer from AMP Capital to MAM, subject to unitholder approvals. The sale, which was announced in July last year, was subject to a number of conditions which have now been satisfied.

AMP said it remains eligible for a further cash earn-out up to $75 million payable after the second anniversary of transaction completion, subject to certain conditions including revenue targets. The amount remains uncertain with the retention of AUM being the main driver.

Shares in AMP (ASX:AMP) are trading 0.5 per cent higher at $0.96.