AMP shareholders have been granted their wish for a spin-out of the company’s crown jewel assets, AMP Capital, in a planned ASX float as chairman Debra Hazelton draws a line under the cultural and financial troubles that plagued the group over the last year.

While shareholders welcomed the deal, which killed off more than six months of tortured takeover negotiations with Ares Management and secured the exit of controversial infrastructure equity boss Boe Pahari from the 172-year-old company, investors must now shoulder separation costs, heavy lifting to remove standard costs and the elimination of the company’s debt.