AMP Capital's parent firm is reviewing its group business units following "an increase in interest and inquiries," the firm said Wednesday.
Australian financial conglomerate AMP periodically receives "unsolicited interest in its assets and businesses." A recent uptick in such interest has resulted in its board deciding to "undertake a portfolio review to assess all opportunities in a considered and holistic manner, evaluating the relative merits as well as potential separating costs and dis-synergies, with a focus on maximizing shareholder value," a news release said.
AMP's businesses include money manager AMP Capital, which had A$192.4 billion ($132.1 billion) in assets under management as of June 30. In August, AMP said it would repurchase the 15% stake Mitsubishi UFJ Trust and Banking acquired in AMP Capital by Sept. 30.
AMP also has wealth management businesses and a banking unit. It sold its life insurance business, AMP Life, to Resolution Life in June. AMP has a 20% stake in Resolution Life.
AMP said it is making "significant progress" in pursuing its strategy of expanding the money management franchise, in part to "repivot" to private markets and refocus on public markets, creating a simpler and leaner business and reinventing the wealth business in Australia.
The review might conclude that shareholders are getting the best value from the company as it stands, with no recommendation to pursue any specific transaction.
"The board believes that AMP has high-quality businesses with significant strategic value," Debra Hazelton, chairwoman of AMP, said in the news release. "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."
However, Ms. Hazelton added that the board has "taken a decisive step to undertake a portfolio review to ensure we appropriately assess all options to maximize shareholder value in a considered and disciplined manner."
Credit Suisse, Goldman Sachs and King & Wood Mallesons were appointed as advisers to AMP to manage the review.
Last month, AMP announced a number of changes to the board and at AMP Capital. Boe Pahari's July appointment as CEO of AMP Capital was reversed amid shareholder pressure over a 2017 sexual harassment complaint against the executive. He returned to his previous role as global head of infrastructure equity, which he retained when he was promoted. Francesco De Ferrari, CEO of AMP, was appointed CEO of AMP Capital on an interim basis.
David Murray resigned as chairman, replaced by Ms. Hazelton, and John Fraser resigned as a non-executive director on the AMP board and as chairman and non-executive director on AMP Capital's board.
AMP Capital has also suffered a number of recent departures, including David Allen, global CIO equities, and Genevieve Murray, head of Australian equities. Ms. Murray will join A$162.3 billion sovereign wealth fund Future Fund, Melbourne, in November as head of listed equities.
Spokesmen for AMP could not immediately be reached for comment.
