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NPI for sale as AMP plans a fresh start in UK as Henderson

Australian financial services giant AMP is demerging its UK operation

and is looking to sell the NPI and Ample arms.

The firm hopes the move to separate its Australian and UK operations

will give it a “fresh start” after lacklustre results following its

entry into the UK market.

The move will see AMP&#39s UK business, consisting of fund firm

Henderson Global Investors, IFA Towry Law and the now closed

businesses of Pearl and London Life, fall under the new UK umbrella

which will be branded Henderson.

Pension specialist NPI and fund supermarket Ample could be cut loose.

As part of the restructuring, the group is also aiming to reduce its

equity holdings within its UK investment portfolios supporting its

with-profits funds.

AMP says the move will create a more stable asset base for the new

UK-based company, which will release significant amounts of capital

over the medium to long term.

Henderson will be chaired by current AMP director Pat Handley with

current AMP director and Henderson managing dir-ector Roger Yates as

chief executive. The Australian-based business will retain the AMP

name and the company will be chaired by Peter Willcox, with Andrew

Mohl as CEO.

Shareholders will hold shares in both companies which will be listed

on the Australian stock exchange, with the possibility of Henderson

listing on the London Stock Exchange in the future.

Mohl says the move is the best outcome for all involved and, until

the proposal is put to shareholders and the demerger complete, it

would still be managed as one company.

Hargreaves Lansdown pensions research man-ager Tom McPhail says:

“AMP appears to be happy to run its UK business as a unit-linked

operation and to let the with-profits business wither on the vine.”

•Comment, p29

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