Australian AMP will sell its infrastructure debt platform to Ares for $ 310 million.

AMP Ltd said on Friday it would sell its Ares Management infrastructure debt platform for A $ 428 million ($ 310 million), as part of its strategy to streamline its private market operations ahead of a spin-off. next year.

The 172-year-old company is trying to restore its reputation and reorganize itself as a simpler entity, as it continues to lose customers after years of scandals over over-billing of fees and attempts to cheat regulators .

AMP said the transaction would allow Areas to acquire AUS $ 7 billion in invested assets under the management of the borrowing platform and its entire investment team.

The troubled wealth manager failed to sell the private markets business of his Ares asset management arm in April of this year, preferring to part with the unit and rename it.

The split is on track to be completed at the end of the first half of 2022, AMP said on Friday.

($ 1 = 1.3806 Australian dollars) (Reporting by Arundhati Dutta Bengaluru; Editing by Ramakrishnan M.)

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