People Moves

AMP Snaps Up Smaller Australian Player

Tara Loader Wilkinson Editor Asia 12 March 2012

AMP Snaps Up Smaller Australian Player

AMP, the Australian investment manager, has acquired advisor Futuro Financial Services for an undisclosed amount.

This transaction will take place in three stages, with the initial 10 per cent minority stake extending to full ownership in five years, according to a statement from AMP.

Futuro will continue to operate under its own license during the initial stages of the transaction. After this time, Futuro will become Charter Financial Planning, one of AMP’s licensees. AMP did not immediately say whether redundancies would be made.

Futuro has 80 financial advisers, 58 practices and approximately A$2 billion ($2.1 billion) in funds under advice. AMP is Australia's largest retail and corporate superannuation provider, and one of the region's most significant investment managers with more than A$111 billion (as at 30 June 2010) in AuM. 

 

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