AMP will attempt to make its wealth management operations profitable again after primary suitor Ares Management snubbed the flailing division, but CEO Francesco De Ferrari has admitted it’s the “hardest part to fix”.
US-based Ares Management on Thursday confirmed it was reneging on its $6 billion offer for the whole of AMP, instead focusing its acquisition talks on the flagship AMP Capital business and its lucrative real assets arm.
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Aleks Vickovich leads the Financial Review's coverage of wealth management, specialising in the business and regulation of investment markets, financial advice and superannuation. Email Aleks at aleks.vickovich@afr.com
