AMP has resumed its long-anticipated break-up by inking a $1.35 billion sale of 60 per cent of AMP Capital’s unlisted markets businesses to Ares Management, just weeks after the US asset manager dumped a full takeover proposal for the company.

AMP will retain 40 per cent of AMP Capital private markets under the proposed joint venture with Ares, and the US-based suitor will pay $1.35 billion for access to the division in a move AMP hopes will leverage Ares’ global distribution networks and infrastructure and real estate expertise. AMP’s remaining share of the private markets business is valued at $900 million.