Opinion
AMP shareholders want more detail on Ares deal
Investors gave a tentative cheer when the wealth manager announced a spin-off its private markets business, but there are still some big questions to be answered.
Karen MaleyColumnistAMP shareholders heaved a sigh of relief on Friday when the embattled financial services group finally struck a deal with the Los Angeles-based Ares Management Corporation that seems to offer a brighter future for its prized asset – the private markets business that sits within AMP Capital.
AMP has been on the back foot ever since its board, chaired by Debra Hazelton, announced that the troubled company would conduct a strategic review of its portfolio last September – a move that effectively slapped a “for sale” sign on the troubled company’s various businesses.
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