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- Wealth Manager AMP (AMP) has announced a voluntary self-review to explore asset sale options
- The company will be joined by a number of advisors in the process, including Goldman Sachs, Credit Suisse, and King & Wood Mallesons
- Recently appointed Chair Debra Hazelton was the face of the procedure announced on Wednesday
- Hazelton was appointed to the position last week after former Chair David Murray stepped down
- Shares in AMP gained 4.87 per cent across Wednesday trade to close at a $1.62 valuation
Wealth manager AMP (AMP) announced on Wednesday it will undergo a comprehensive review of its assets.
The company has appointed Goldman Sachs, Credit Suisse, and King & Wood Mallesons as advisors on the process.
This is a significant leadership decision under recently appointed AMP Chair Debra Hazelton.
Hazelton was only appointed to the position last week following the resignation of former Chair David Murray.
“The board believes that AMP has high-quality businesses with significant strategic value,” Debra said on Wednesday.
“The board and management firmly believe in our existing strategy, including a repivot to private markets in AMP Capital and are confident that this will deliver long-term value for shareholders,” she continued.
“However, we have taken a decisive step to undertake a portfolio review to ensure we appropriately assess all options to maximise shareholder value in a considered and disciplined manner,” Debra stated.
AMP’s choice to review its assets also follows the sale of its AMP Life insurance brand to U.K. company, Resolution Life, earlier in July.
According to AMP, it had received a recent uptake in unsolicited offers from buyers interested in its assets.
“The board has therefore decided to undertake a portfolio review to assess all opportunities in a considered and holistic manner, evaluating the relative merits as well as potential separation costs and dis-synergies, with a focus on maximising shareholder value,” an ASX market release read.
However, despite all the shop talk, AMP also noted that the review may conclude to not sell any assets at all.
Shares in AMP on the Australian market gained 4.87 per cent across Wednesday trade, settling at $1.62 apiece by market close.
