AMP mulls portfolio split up

AMP Ltd’s board will conduct a portfolio review of the group’s assets and businesses as part of its transformation strategy to create “a simpler, leaner business”. Credit Suisse, Goldman Sachs and King & Wood Mallesons have been appointed AMP’s advisers to manage the review.

AMP said in an ASX statement it had experienced an increased “interest” and inquiries in its assets and businesses.

“The board has therefore decided to undertake a portfolio review to assess all opportunities in a considered and holistic manner, evaluating the relative merits (and) potential separation costs and dis-synergies, with a focus on maximising shareholder value,” AMP said.

AMP chair Debra Hazelton said the board believed AMP had “high-quality businesses with significant strategic value”.

“The board and management firmly believe in our existing strategy, including a repivot to private markets in AMP Capital and are confident that this will deliver long-term value for shareholders,” she said.

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