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AMP to Sell GEFI to Macquarie: Logical and Mutually Beneficial, but Immaterial to FVE

Shaun Ler Equity Analyst

Analyst Note

| Shaun Ler |

No-moat AMP will sell its global equities and fixed income business, or GEFI--AMP’s listed equities and fixed income capabilities directly managed by AMP staff--to narrow-moat Macquarie. GEFI’s sale was largely foreshadowed and aligns with AMP’s simplification. Due to complete in first quarter 2022, AMP will receive up to AUD 185 million in cash from this transaction, with AUD 110 million payable on completion and up to AUD 75 million payable in two years, subject to revenue targets. Around AUD 60 billion from AMP’s public markets business will go to Macquarie as part of the sale.

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Company Profile

Business Description

At its roots, AMP is a wealth manager, providing financial advice via Australia’s largest network of aligned financial advisers. It has a vertically integrated business model: AMP advisers can invest client funds into superfunds and non-super investments manufactured by AMP through the firm’s own platforms, though advisers are free to recommend non-AMP products and third party platforms to their clients. The firm also has a small wealth presence in New Zealand with about 60 advisers. In addition, AMP has an investment management business, servicing both AMP’s adviser clients and external investors (such as institutional clients); and a retail banking business focused on deposit taking and residential mortgages.

33 Alfred Street, AMP Building
Sydney, NSW, 2000, Australia
T +61 292575000
Sector Financial Services
Industry Asset Management
Most Recent Earnings
Fiscal Year End Dec 31, 2021
Stock Type
Employees 3,700

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