AMP buys into Italy
AMPhas moved into what it has identified as one its three priority markets in Europe, with the acquisition of Italian wealth management business Commerzbank Asset Management Italia (CAMI).
CAMI has 26 offices across Italy sporting a network of 198 advisers, and distributes third-party and in-house investment and financial services product through its tied adviser network. The company began its life in Italy in 2000 as an initiative of German parent Commerzbank AG.
AMP chief executive Paul Batchelor says the acquisition of the fledgling company is a good fit, despite AMP’s openly declared strategy of keeping costs down.
“While our short-term focus remains on cost control, capital management and our UK financial services business, we also remain alert to opportunities that fulfil our long-term goal of building an international wealth management business,” he says.
Batchelor says the acquisition of CAMI will dovetail in with the European operations of AMP’s funds management division,Henderson Global Investors.
The other two priority markets AMP has identified are those of Germany and Spain.
CAMI is expected to deliver profits only in 2005 for the funds management giant.
The company was bought for $133 million, and AMP says it will be investing a further $83 million in the company for the next four years.
Recommended for you
ASIC has launched court proceedings against the responsible entity of three managed investment schemes with around 600 retail investors.
There is a gap in the market for Australian advisers to help individuals with succession planning as the country has been noted by Capital Group for being overly “hands off” around inheritances.
ASIC has cancelled the AFSL of an advice firm associated with Shield and First Guardian collapses, and permanently banned its responsible manager.
Having peaked at more than 40 per cent growth since the first M&A bid, Insignia Financial shares have returned to earth six months later as the company awaits a final decision from CC Capital.
