AMP Capital Investors divests 15% stake to Mitsubishi UFJ

AMP has publicly said that the deal will give the firm access to approximately 80% of Japan's institutional investors and about 14% of its retail and high-net-worth banking networks. AMP claimed that 9% of its assets under management have come from Asia since June 30 of this year, which will likely rise after its increased exposure to Japan, The Wall Street Journal added. It raised more than A$5.5 billion in Japan in recent years, and manages A$8 billion on behalf of clients in the country.

Mitsubishi's purchase values the entire asset management unit at A$2.83 billion, and its investment gives it a seat on AMP's board. It additionally has the option to increase its stake to as much as 20%.

On the whole, Mitsubishi also gains exposure to Australia, which is one of the region's top asset management markets. The capital will be used to develop new financial products.

AMP claimed operating earnings of A$87 million in 2010, of which AMP Capital Investors accounted for 12% of that total. AMP at a group level additionally operates in the financial planning, life insurance and banking sectors. It is poised for greater earnings in the coming year as it is slated to finalize its acquisition of AXA Asia Pacific's Australian and New Zealand operations in March.

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• Topics
• Australasia
• North Asia
• Australia
• Japan
• AMP Capital Investors