New deal could be announced within the week
However, Reuters has just reported that the jilted AMP may now have another deal on the cards – a joint venture with Ares Management. The US based fund would gain control of the 171 year-old financial services company’s financial advice and superannuation business.
Reports from Bloomberg say that the deal would value the asset management division at more than $3bn – around half the original nonbinding offer made by Ares for AMP as a whole.
AMP’s home loan business is a big supporter of the broker channel, which has meant that potential buyers like ANZ have discounted its value – seeing that mortgage borrowers’ loyalty has been to their broker rather than to the AMP brand.