AMP is to retain its New Zealand wealth management business having aborted the sale process.
A company spokesperson said economic and financial markets disruption caused by the Covid-19 pandemic is behind the decision.
AMP’s wealth management division, which includes KiwiSaver and its retail funds management business, brought in AU$44 million in the last financial year. The proposed sale was expected to return more than $400 million to the company.
The dual-listed company issued a statement to the NZX and ASX saying it had held discussions with a number of interested parties regarding the sale of the business, but the offers received did not meet expectations.
AMP now plans to develop and grow the wealth business in its existing markets.
The company will provide a further update on New Zealand wealth management in August; when it will release details of how it plans to develop the division.