AMP withdraws from Ironstone acquisition
AMP has withdrawn from its bid to acquire a share of specialist residential property funds management group Ironstone.
Ironstone principal Sean Preece confirmed to Money Management this afternoon that negotiations with AMP which began in mid-February had been discontinued.
Preece said the company was now reviewing its options.
AMP is understood to have entered into the negotiations with Ironstone as part of a broader strategy to drive further into the self-managed superannuation funds advisory market allied to its recent acquisitions of both the Super IQ and Multiport businesses.
Recommended for you
Unregistered managed investment scheme operator Chris Marco has been sentenced after being found guilty of 43 fraud charges, receiving the highest sentence imposed by an Australian court regarding an ASIC criminal investigation.
ASIC has cancelled the AFSL of Sydney-based Arrumar Private after it failed to comply with the conditions of its licence.
Two investment advisory research houses have announced a merger to form a combined entity under the name Delta Portfolios.
The top five licensees are demonstrating a “strong recovery” from losses in the first half of the year, and the gap is narrowing between their respective adviser numbers.
