On the Rise Investment manager Fiera Capital Corp. was up on news it’s set to acquire the global equities business of Australian wealth manager AMP Ltd.’s asset management arm for an undisclosed sum.
As part of the deal, four-year old Global Companies Fund with more than $500-million of assets under management would be transferred to Fiera Capital.
AMP Capital’s four-person investment team would also move to Fiera Capital, AMP said.
“The consideration to be paid for the Global Companies capability is not material to AMP or AMP Capital,” the company said in a statement.
The deal comes on the heels of AMP’s plans to sell 60 per cent of AMP Capital’s private markets business to U.S.-based Ares Management for A$1.35 billion ($1.03 billion).
AMP is also looking for a buyer for its fixed income business, and has been trying to rebuild its reputation since a 2018 public inquiry into the financial sector found AMP misled regulators and engaged in misconduct.