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AMP review could see Ample being sold off

AMP is believed to be seeking buyers for fund supermarket Ample as part of an overhaul of its UK business which has seen the scrapping of Pearl&#39s 700-strong salesforce.

Ample, which was launched by AMP in June 2001 and then merged with Interactive Investor, was put up for review last December after the Australian giant conducted a wide-ranging investigation into its UK subsidiaries.

AMP classified Ample as a contemporary rather than mature company, which meant it was under review rather than set for imminent closure. But it is now believed that AMP will try to sell the supermarket as soon as possible as it turns its attention towards transforming Henderson Global Investors into its main brand.

In Australia, AMP is restructuring its board in a move which will see the majority of the directors replaced. Changes include the immediate departure of chairman Stan Wallis and the retirement of directors Sir Malcolm Bates, Paul Mazoudier and Ian Renard in six months time. Just five of the current directors will remain.

Spokesman Stephen Hoffman says: “We have said Ample is up for review but we do not comment on speculation.”

Cofunds sales & marketing director Rodney Aldridge says: “It is clear that over the last couple of years new entrants to the business to consumer market have struggled to get customers. Ample seems to have attrac-ted only modest assets.”

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