AMP Capital Investors Day
AMP continues to make strong progress on the operational separation of PrivateMarketsCo, in preparation for demerger in 1H 22.
The rationale for the demerger is to enable the two businesses to increase focus on their respective markets and growth opportunities – AMP Limited as a retail wealth manager in Australia and New Zealand, and PrivateMarketsCo as a global manager of infrastructure and real estate investments with a growing focus on international institutional clients.
In PrivateMarketsCo, the strategy will focus on leveraging the significant opportunity to become a global leader in the fast-growing private markets industry through:
- Delivering autonomy through an effective separation and demerger from AMP;
- Simplifying the business and organisation structure and achieving a run-rate cost base of A$300 million by FY 23;
- Growing its client base, led by a newly established global client solutions team and scaling its existing infrastructure and real estate investment strategies; and
- Diversifying its product offering to clients, including potential new investment strategies structured to meet client-specific interests globally.
PrivateMarketsCo Chief Executive, Shawn Johnson commented:
“PrivateMarketsCo is a business that will thrive with greater focus and independence. Our team has built a strong track record in infrastructure and real estate – and has the capability to expand into new adjacencies and pursue further global growth opportunities, supported by increasing demand for private markets assets from investors around the world.
“We have a clear strategy to separate, simplify and broaden our client base and diversify our investment capabilities. We will continue to play a leading role in infrastructure and real estate investments around the world as an independent company.
“We have made strong progress on key separation milestones, with the PrivateMarketsCo leadership team in place and the appointment of a respected Chairman designate in Patrick Snowball, who has strong leadership experience in listed businesses in Australia and internationally."
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