Financial services provider AMP (ASX:AMP) says its on track to demerge its AMP Capital Private Markets business (PrivateMarketsCo) in the first half of 2022.
The move is set to enable the two businesses to increase focus on their respective markets and growth opportunities. The company said a clear perimeter had been set with the agreed sale of the Global Equities and Fixed Income business and transfer of the Multi-Asset Group to AMP.
“In AMP Limited and PrivateMarketsCo we have two businesses with considerable growth opportunities, but which operate in very different markets, with different customers, and geographic focus. Separation and demerger will enable both businesses to accelerate their growth strategies, as well as simplify and improve efficiency,” said AMP chief executive Alexis George.
“The two largest assets held by Australians and New Zealanders are their home and super – those are the needs that AMP serves.”
Shares in AMP (ASX:AMP) are trading 4.5 per cent higher at $1.05.