AMP Limited (AU:AMP) has released an update.
AMP Limited has announced a transformative partnership with Entireti and AZ NGA, aiming to create Australia’s largest financial advice business service provider and reshape the advice industry. AMP will sell its advice licensees and Jigsaw to Entireti for $10.2 million while retaining a 30% stake in the new joint venture, and AZ NGA will acquire AMP’s stakes in 16 advice practices for $82.2 million. This strategic move is designed to offer economies of scale, capital for growth, and innovative services to advisers while anticipating a $30 million accounting loss due to transition costs.
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