By Alice Uribe 
 

SYDNEY--AMP Ltd. said it has agreed to sell AMP Capital's global equities and fixed income business to Macquarie Asset Management for up to 185 million Australian dollars ($138.5 million).

The sale is part of AMP Capital's wider strategy to focus on its private markets business which includes real estate and infrastructure.

Under the sale agreement, AMP Capital's Australian and global listed equities and global fixed income businesses will be combined with Macquarie's public investments platform.

"Our review of the GEFI business last year showed it had strong investment capabilities and performance but needed greater scale and broader distribution reach to compete effectively," AMP's acting chief executive, James Georgeson, said.

AMP Capital's GEFI business currently manages approximately A$60 billion in assets for AMP Australia as well as a number of external institutional, retail and direct clients.

 

Write to Alice Uribe at alice.uribe@wsj.com

 

(END) Dow Jones Newswires

July 07, 2021 18:35 ET (22:35 GMT)

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