Alexis George

AMP Limited has announced the completion of the sale and transfer of the Collimate Capital international infrastructure equity business to DigitalBridge Group, Inc. (DigitalBridge).

The completion supports the delivery of AMP’s strategic objective to simplify its portfolio and focus on its core businesses of retail banking and wealth management in Australia and New Zealand.

Total value realised is A$582 million, comprising:

• A$521 million cash payment received last Friday^[1] from DigitalBridge, of which A$77 million is associated with a balance sheet adjustment
• A$57 million of value from retained estimated future carry and performance fees
• A$4 million of gains on foreign exchange hedges of the estimated consideration, between signing and completion.

AMP also remains eligible for a further cash earn-out of up to A$180 million which is contingent on future fund raisings for Global Infrastructure Fund III and Global Infrastructure Fund IV.

AMP will provide an update on its capital position and capital management program at its full year results announcement on 16 February 2023.

AMP Chief Executive, Alexis George commented: “The completion of the sale of the international infrastructure equity business marks an important milestone in AMP’s transformation, as we become a simpler, retail focused bank and wealth manager, operating in Australia and New Zealand.

“As well as simplifying and focusing our business, completion of the transaction will help unlock significant value for investors, will support our previously announced $1.1 billion capital return program, and will strengthen our balance sheet.

“I want to thank all of our employees involved in the transaction for their efforts. Many of those are transitioning to DigitalBridge, and I wish them all the best in the next chapter of their careers.”

————

[1] Assumes FX rate AUD/USD 0.7133

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Alexis George

AMP Limited has announced it has agreed the divestment of its 19.13% equity interest in Resolution Life Australasia (RLA)^[1] for a consideration of A$524 million to Resolution Life Group^[2].

The sale of the RLA holding will complete AMP’s exit from its former life insurance and mature business, AMP Life, which it sold to Resolution Life in 2020 for a total consideration of A$3 billion including the equity interest in RLA.

The divestment has been agreed ahead of the expiry of the 18-month standstill period agreed as part of the 2020 sale, and values the RLA stake at its carrying value in AMP’s accounts at 30 June 2021.

As part of the divestment agreement, AMP and RLA have also agreed to settle a number of post-completion adjustments and certain claims between the parties, subject to various limitations and exclusions, which has resulted in a net payment of A$141 million to RLA from AMP. AMP had partly provisioned for these items but following the acceleration of this settlement will record an additional one-off expense of approximately A$65 million in FY 21.

The divestment will strengthen AMP’s available capital by approximately A$459 million, providing further flexibility ahead of its planned demerger of AMP Capital’s Private Markets business (Private Markets) in 1H 22.

AMP is continuing to invest in the transformation and growth of its wealth management and bank businesses, as well as providing capital to support the growth of the Private Markets businesses and to continue actively defending its Real Estate business.

AMP will provide an update on its capital position at its Investor Day on 30 November 2021.

The divestment, which is expected to complete in 1H 22, remains subject to regulatory approvals in Australia and New Zealand.

AMP Chief Executive, Alexis George commented: “This divestment brings to a close our long and proud involvement in life insurance in Australia and New Zealand. It enables us to realise capital to further strengthen our balance sheet ahead of our demerger and continue supporting our businesses.

“The separation of our businesses is progressing well and will continue until mid-next year as planned. We will continue to provide transitional services to RLA, as agreed, and will have a shared customer and adviser connection into the future.”

——–

[1] Resolution Life NOHC Pty Ltd.
[2] Less the amount of any dividends, distributions or capital returns that are paid from RLA to AMP before completion.

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Alexis George

Key points:

• Australian wealth management (AWM) assets under management (AUM) remained steady at A$131.2 billion during Q3 21, with improved investment markets offsetting net cash outflows.
• AWM net cash outflows of A$1.4 billion in Q3 21 improved from A$1.8 billion of net cash outflows in Q3 20 and includes A$0.5 billion in regular pension payments to clients in retirement.
• North AUM increased A$1.7 billion to A$58.6 billion during Q3 21 supported by higher net cashflows of A$1.0 billion, including cash inflows of A$333 million from external financial advisers.
• AMP Bank total loan book increased by A$0.3 billion to A$21.3 billion in Q3 21 driven by growth in residential owner-occupied loans in a highly competitive market.
• AMP Capital AUM reduced to A$180.3 billion (1H 21: A$187.6 billion) reflecting an increase in net cash outflows.
• AMP Capital experienced external net cash outflows of A$2.4 billion in Q3 21, primarily due to redemptions in public markets and real estate funds and partially offset by inflows into infrastructure equity capabilities.
• AMP Capital internal net cash outflows of A$9.6 billion, largely reflects the previously announced exit of the NZ wealth management (NZWM) mandate of A$9.2 billion.

AMP Chief Executive Alexis George said: “With most of Australia in lockdown during the third quarter our businesses have focused on supporting customers, continuing to drive forward our simplification and preparing for our demerger next year.

“AMP Bank has delivered another strong quarter, amid a very active market, helping more of our customers to purchase a home.

“We’ve progressed our transformation of wealth management enabling us to deliver superannuation fee reductions at the start of Q4 as we committed. We’ve also continued to invest in our North platform, which has again grown assets under management.

“AMP Capital’s cashflows primarily reflected the internal outflows from NZWM, after the transition of the mandate to an index-based investment strategy, announced earlier this year, in line with market trends. Our Private Markets teams have continued to invest on behalf of our infrastructure clients and build its pipeline of opportunities.

“We have a clear focus on our priorities ahead, including to deliver the demerger of our Private Markets business from AMP in the first half of next year. We will provide an update on progress and the path forward at an Investor Day in November.”

Australian wealth management

• AUM of A$131.2 billion at Q3 21 remained flat on the prior quarter, with positive investment market returns offsetting the impact of net cash outflows. Average AUM increased A$3.7 billion to A$132.4 billion.
• Net cash outflows of A$1.4 billion in Q3 21 improved from A$1.8 billion net cash outflows in Q3 20 with the improvement largely attributed to an absence of Early Release of Super (ERS) payments, which were A$692 million in Q3 20. Net cash outflows for the period included A$468 million in regular pension payments to clients in retirement.
• AUM on the North platform increased A$1.7 billion to A$58.6 billion during Q3 21.
• North net cashflows of A$991 million were up 21 per cent on Q3 20, supported by pricing reductions announced in Q2 21 and an increase in inflows from external financial advisers to A$333 million.

AMP Bank

• AMP Bank’s total loan book grew by A$0.3 billion to A$21.3 billion in Q3 21, driven by competitive owner-occupied pricing. Residential loan growth was above system growth for the period of July and August, at approximately 1.1x, in a highly competitive market.
• Total deposits increased by A$1.0 billion to A$17.1 billion during Q3 21, reflecting a deposit to loan ratio of 81 per cent. A majority of flows were sourced from customer deposits, in line with the Bank’s strategy to optimise its funding mix.

AMP Capital

• AMP Capital AUM reduced 4 per cent to A$180.3 billion, primarily reflecting an increase in net cash outflows.
• Net cash outflows of A$12.0 billion in Q3 21 (net cash outflows of A$2.4 billion in Q3 20), includes:
  • Internal net cash outflows of A$9.6 billion, primarily due to the transition of the NZWM mandate to an index-based ESG-linked investment strategy, in line with market trends in the KiwiSaver market.
  • External net cash outflows of A$2.4 billion, reflecting redemptions and asset sales across public markets and real estate funds. Real Estate outflows included the sale of 200 George St for A$578.5 million, delivering an excellent result for the AMP Capital Wholesale Office Fund (AWOF) and its investors.
  • Cash inflows were supported by continued capital deployment in infrastructure equity investments during the quarter, including A$134 million through the Global Infrastructure Fund series and A$109 million in the AMP Capital Community Infrastructure Fund.
  • AMP Capital is continuing to actively defend its Real Estate funds, including from a capital perspective, with a focus on delivering the strongest outcomes to clients. In relation to the current AWOF management process, the Trustee has advised investors in the fund, including AMP Capital, that it now expects to update investors on its decision around mid-November.

New Zealand wealth management

• New Zealand wealth management AUM increased to A$12.9 billion in Q3 21 (Q2 21: A$12.6 billion), driven by investment market gains which offset net cash outflows.
• New Zealand wealth management net cash outflows of A$39 million (Q3 20: A$13 million), includes cash inflows of A$362 million, up 17 per cent on Q3 20. Inflows were offset by increased outflows, partly driven by KiwiSaver cash outflows following the announcement that our status as a default KiwiSaver provider was not renewed. AMP remains a non-default KiwiSaver provider with A$6.4 billion in total KiwiSaver AUM.
• KiwiSaver net cash inflows of A$40 million were down on the prior corresponding period (Q3 20: A$64 million).

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Together Mr Snowball and Mr Fay bring broad international experience of financial services and investment management, including real estate and infrastructure investment. Both have strong knowledge and experience of listed companies, corporate governance, and investor engagement.

Mr Snowball, who is based in London, is a respected Board director and executive, with a 30-year career in financial services, in the United Kingdom and Australia. He led the transformation of ASX-listed Suncorp Group as its Group CEO from 2009 to 2015, driving a recovery in the group’s performance and market value.

Since leaving Suncorp, he has served as Chairman of Sabre Insurance Group plc and IntegraFin Holdings plc, both of which he led to successful initial public offerings on the London Stock Exchange. He is currently Chairman of UK-based specialist lender, Provident Financial plc.

Mr Fay, based in Sydney, brings deep experience gained from over three decades working in funds and investment management including as the CEO and Chief Investment Officer (CIO), and later as Chairman, of Deutsche Asset Management in Australia, as well as Regional CIO, Asia-Pacific for the business.

He is currently a non-executive director, and Chair of the Remuneration and Nomination Committee, of ASX-listed Pendal Group, from which he will retire in December 2021.  Mr Fay is also a non-executive director of Spark Infrastructure Group, from which he is due to step down following the completion of a scheme of arrangement to take over the business. He has also served as Deputy Chairman and a non-executive director of Cromwell Property Group, a non-executive director for Gateway Lifestyle and Alternate Director for Dexus Property Group.

Effective 1 November 2021, Mr Snowball and Mr Fay will work with AMP Capital CEO Shawn Johnson and non-executive director Michael Sammells to continue progressing the operational separation and demerger of Private Markets, which remains on track to complete in 1H 22.

AMP expects to make further non-executive appointments to support the planned demerger in 1H 22, with a focus on establishing a Private Markets Board with strong diversity, governance and business experience and global perspective.

AMP Limited Chair, Debra Hazelton commented: “Patrick and Andy are respected business leaders who will bring deep experience, market knowledge and integrity to the Board of Private Markets when it lists next year. Both have led significant financial institutions and have the experience of bringing businesses to a share market listing. Patrick has been a CEO of one of Australia’s largest financial services groups and led its transformation, as well as chairing listed companies in the UK. Andy is a highly regarded non-executive director with an impressive track record in investment management, including infrastructure and real estate.

“These appointments mark another important step as we prepare for the separation and demerger of Private Markets, with Patrick and Andy getting involved to support Shawn Johnson and Michael Sammells to shape the strategy, governance and culture for the stand-alone company. The AMP Board is pleased to welcome them, and we look forward to working together to execute a successful demerger.”

Private Markets Chairman Designate, Patrick Snowball commented: “The Private Markets business has significant potential to be one of the leading global asset managers in private markets, building on the strengths it has already built in infrastructure equity, infrastructure debt and real estate. I feel privileged to be joining the business as it moves to independence, and charting its own future. I look forward to working with Shawn Johnson as we prepare for the demerger of the business next year, establishing a diverse Board of directors and setting a strategy that will realise its full potential in the future.”

———-

[1] Subject to finalisation of onboarding and regulatory confirmations.

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Mr Hirst brings extensive experience to the AMP Board, with more than 40 years in board and senior executive leadership roles.

Mr Hirst was the Chief Executive Officer of Bendigo and Adelaide Bank from 2009 to 2018, following senior executive roles within the bank and with Colonial Limited. He is currently a non-executive director of ASX-listed investment company, AMCIL Limited, and private health insurer, GMHBA Limited. He is also Chairman of Butn, a fintech focused on SME business lending.

AMP Chair Debra Hazelton commented:

“Mike is a respected business leader who will bring significant breadth of experience and insight to the AMP Board.

“As the CEO of Bendigo and Adelaide Bank Mike led and grew the business in a highly challenging and competitive environment with a clear focus on people and clients.

“His detailed knowledge of Australia’s retail banking and wealth environment, as well as his broad sector experience as a non-executive director, including innovative fintech start-ups and across Government, will be invaluable.”

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Alexis George

AMP Limited has announced it has appointed Alexis George as its new group Chief Executive Officer (CEO), to take over from Francesco De Ferrari who will retire from the role as the company completes its portfolio review.

Ms George will join AMP from ANZ where she has served as Deputy Chief Executive Officer, as well as Group Executive Wealth Australia, overseeing the sale of the business in 2018. She will join AMP Limited as CEO in Q3 this year, subject to required regulatory approvals.

Mr De Ferrari will continue to lead AMP during the interim period and ensure a smooth handover to Ms George. He will continue to work in partnership with the Board and lead AMP’s key strategic initiatives, including discussions on the proposed transaction for AMP Capital’s private markets business with Ares Management Corporation.

AMP Chair Debra Hazelton commented: “On behalf of the Board, I would like to thank Francesco for his significant service to AMP and recognise his commitment to a smooth leadership transition. We wish him every success for the future and know he will continue to be the exemplary leader he has been at AMP. As we noted last week, with our portfolio review reaching completion, the Board and Francesco agreed that it is an appropriate time to begin the transition to a new CEO to take AMP forward.

“Francesco has led AMP through an extraordinary period, responding to unprecedented external challenges, all while successfully executing a complex transformation program. His strategy has materially reshaped the group, simplified AMP and sharpened the focus of each of our businesses on their strongest growth opportunities. He led our business through the disruption of COVID-19 and successfully delivered key programs including client remediation and the completion of the sale of AMP Life.

“In Alexis George, we have a great leader and strong fit for the future of our company. On any measure, she has outstanding industry experience in wealth management and banking, and is committed to continue the transformation of AMP’s business, and importantly, our organisation’s culture. Alexis will work with our executive team to complete and build on the strategic initiatives started under Francesco’s leadership and take AMP forward to its next phase of growth.”

Francesco De Ferrari commented: “On our transformation journey we have taken bold steps to rebuild AMP as a simpler, client-led and growth-oriented business. We have completed the AMP Life sale, embarked on the reinvention of wealth management in Australia and repivoted AMP Capital towards its strength in private markets.

“The portfolio review concluded that unlocking the growth potential in private markets is best delivered either in partnership with a global player or via separation from the group. As a result, the future AMP will be largely focused on domestic wealth management and banking opportunities. I’m confident this will deliver the strongest outcome for our shareholders, however, it means the group will have a very different business mix and geographic profile requiring a different strategic focus from the CEO.

“While there is no optimal time for transition, the Board and I agreed that for AMP to deliver on the next phase of its ambitious transformation, at this juncture long-term certainty of leadership is critical for our business, our employees and our clients. Leading AMP, a business that is part of the fabric of Australia and New Zealand, is a privilege. I wish Alexis and AMP only the best and you can count on me to continue cheering for its success from the sidelines.”

Alexis George biography

Alexis has more than 25 years’ experience in the financial services industry in Australia and overseas.

She spent seven years at ANZ, including most recently as the Deputy Chief Executive Officer, working with the CEO to drive group-wide strategic initiatives in addition to responsibility for its shared service centres and banking services.

As the Group Executive Wealth Australia, Alexis led ANZ’s ~$4 billion wealth divestment program, including the separation and sale of its life insurance and superannuation businesses.

Prior to ANZ, Alexis spent ten years with ING Group in a number of senior roles including CEO Czech Republic and Slovakia responsible for banking, insurance and funds management and Regional COO Asia responsible for product, marketing, technology and operations.

Alexis is a member of the Institute of Chartered Accountants and a graduate of the Australian Institute of Company Directors. She is a member of Chief Executive Women.

Summary of new CEO contract

• Salary (including superannuation) of A$1.715 million per annum.
• Short-term incentive opportunity equivalent to 100% of salary for on-target performance, and 200% at maximum, subject to achievement of performance hurdles and other terms.
• A maximum long-term incentive opportunity with a target value equivalent to 100% of salary, subject to achievement of performance hurdles and other terms.
• Sign-on award with a face value of A$4.091 million to be delivered in AMP equity, to replace existing incentive arrangements foregone with previous employer, comprising:A$1,086,911 subject to a continued service condition.
  • A$750,862 subject to a Total Shareholder Return (TSR) condition, which will require compound annual growth in AMP’s TSR of 8.5% or greater for full vesting to occur. 50% of the award will vest if AMP’s TSR is positive with pro-rata straight line vesting between 50% and 100%.
  • A$2,252,669 subject to a relative TSR condition, with 100% vesting if AMP is in the 75th percentile or higher of ASX 100 Financials. 50% of the award will vest if AMP is in the 50th percentile of the ASX 100 Financials, with pro-rata straight line vesting between 50% and 100%.
  • All sign-on awards outlined above will vest in tranches over a three-year period (to November 2024), if required conditions are met.
• A further sign-on award with a face value of A$732,500, delivered in cash in December 2021 subject to a continued service condition.
• Either party can terminate the agreement with six months’ notice. The Company may summarily terminate the CEO’s employment without notice in certain circumstances.
• There is a post-employment restraint of 12 months.

Summary of Francesco De Ferrari’s exit arrangements

• Francesco has agreed to stay in the CEO role until at least 1 July 2021, after which time he will be available to the Company to assist with handover and ongoing support.
• All of Francesco’s incentives will be treated in accordance with his contract and the original offer terms, as previously disclosed.
• Francesco will remain eligible for his short-term incentive for 2021. In addition, he will receive a payment of A$300,000 (less applicable tax) in respect of the additional work he undertook in FY 2021 to support the AMP Capital business. He will not be eligible to receive any other incentive awards in respect of future years.
• Francesco will receive a lump sum of A$200,000 (gross) as reimbursement of some of his relocation costs. Francesco will also be entitled to be provided with taxation and visa advice.

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Debra Hazelton

The AMP Limited Board has announced it will undertake a portfolio review of the Group’s assets and businesses.

The Board remains committed to AMP’s transformation strategy and is confident that this will deliver long-term value for shareholders. As updated at the 1H 20 results, following the successful completion of the AMP Life sale, AMP is making significant progress in driving its strategy – reinventing wealth management in Australia, growing its asset management franchise (including a repivot to private markets and refocusing public markets), and creating a simpler, leaner business.

However, AMP periodically receives unsolicited interest in its assets and businesses, and recently has experienced an increase in interest and enquiries. The Board has therefore decided to undertake a portfolio review to assess all opportunities in a considered and holistic manner, evaluating the relative merits as well as potential separation costs and dis-synergies, with a focus on maximising shareholder value.

The review may conclude that AMP’s current mix of assets and businesses delivers the best value for shareholders and may not result in a recommendation to pursue any specific transaction.

Throughout the review, AMP business units will remain focused on implementing the company’s transformational strategy and delivering for clients.

Credit Suisse, Goldman Sachs and King & Wood Mallesons have been appointed as AMP’s advisers to manage the review.

AMP Chair Debra Hazelton said: “The Board believes that AMP has high-quality businesses with significant strategic value. The Board and management firmly believe in our existing strategy, including a repivot to private markets in AMP Capital and are confident that this will deliver long-term value for shareholders.

“However, we have taken a decisive step to undertake a portfolio review to ensure we appropriately assess all options to maximise shareholder value in a considered and disciplined manner.”

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Francesco De Ferrari

AMP Limited has announced the completion of the sale of its life insurance business, AMP Life, to Resolution Life for A$3.0 billion delivering a key priority in AMP’s transformation strategy.

The total sale proceeds are A$3.0 billion comprising:

• A$2.5 billion cash; and
• A$500 million equity interest in Resolution Life Australia^[1], a new Australian-domiciled, Resolution Life-controlled holding company that is now the owner of AMP Life.

The final cash proceeds from the sale are subject to a number of post completion adjustments, however AMP expects the net proceeds to increase AMP’s capital in excess of target surplus by approximately A$1.1 billion.

AMP anticipates that any capital in excess of target surplus post completion will first be used to fund delivery of the new AMP strategy. Beyond this, AMP will assess all capital management options with the intent of returning the excess above target surplus to shareholders, subject to unforeseen circumstances and current economic and business conditions.

AMP will provide an update on its future capital framework and strategy at its Interim Results on 13 August 2020.

The separation of AMP Life will significantly simplify AMP’s group structure. The internal separation process included the transfer of approximately A$55 billion of client funds via several successor fund transfers. Collectively these transfers represented one of the largest fund transfers of this kind and enables AMP to focus on its strategic simplification of its wealth management platforms and products.

In addition to its residual 20 per cent holding in Resolution Life Australia, AMP will continue to provide technology and administrative services to AMP Life for a two-year period under a transitional services agreement. All customers’ terms and conditions will remain unchanged through the separation.

AMP Chief Executive Francesco De Ferrari said: “The sale of the Life business is a foundational step in our strategic transformation to become a simpler, client-led and growth-oriented organisation.

“The sale is a major milestone for AMP demonstrating our ability to execute complex projects including through the difficulties of COVID-19.

“It is also a historic moment as AMP ceases to be a life insurer after 170 years. Our Life teams will move to Resolution Life and will continue to support clients who will see no changes in their policy terms or conditions.

“We are pleased to partner with an experienced operator in Resolution Life and deliver an outcome that is in the best interests of our clients, policy holders and shareholders.”

———-

[1] Resolution Life NOHC Pty Ltd.

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Mr Wade will report to AMP Chief Executive Francesco De Ferrari and will lead the continuing transformation of AMP’s advice business.

Mr Wade will succeed AMP Group Executive, Advice and New Zealand, Jack Regan, who will retire from AMP after nearly 20 years of distinguished service.

David Akers, who has been AMP’s Acting Group Executive, Advice, while Mr Regan has been on extended leave, will work with Mr Wade to transition responsibilities and will return to the advice leadership team. Blair Vernon will continue as Managing Director of New Zealand.

Mr Wade has substantial experience in the wealth management and banking industries and has a strong track record in building and leading businesses. Most recently, he served as the Head of Developed and Emerging Asia for Credit Suisse Private Banking. Mr Wade has been with Credit Suisse for 12 years, holding other roles such as Chief of Staff for Asia Pacific and Head of Private Banking Australia. He has significant experience in financial services in Australia, Singapore and Hong Kong.

AMP Chief Executive Francesco De Ferrari said:

“Alex is a talented leader and strategic thinker, who will bring valued experience and relationships to AMP’s advice business. The financial advice industry in Australia is in the process of renewal, and AMP and Alex will play a prominent role in driving this change. We firmly believe that financial advice is essential for helping people manage their finances, and plan for retirement.

“I offer the warmest thanks to Jack Regan for his commitment to our advisers, customers and employees over his long service at AMP. After ten years leading AMP New Zealand, Jack took on the Group Executive, Advice and New Zealand, role in 2017, bringing his deep understanding of the advice industry to improve the governance and controls of the business. Jack is greatly respected across the advice industry and retires with the best wishes of everyone at AMP, including the many advisers across our network.

“I would also like to thank David Akers for taking on the role of Acting Group Executive, Advice, this year.”

Incoming AMP Group Executive, Advice, Alex Wade said:

“I am delighted to be joining AMP at such a significant time for the company. Though the industry and AMP have faced scrutiny this year, AMP advisers have a long history of helping and supporting people across Australia plan their financial lives and achieve their personal goals.

“The industry is changing for the better and it is committed to reaching new, higher standards of professionalism. AMP has been proactively transforming its business and developing new systems and technology to improve the advice process and strengthen governance, compliance and controls – all which results in an enhanced advice experience for customers.

“I am looking forward to meeting and getting to know our advisers, and working with Francesco to drive further change.”

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The Board has given incoming Chief Executive Officer Francesco De Ferrari a mandate to transform AMP and establish a new strategic direction for the business. In setting this strategy, the Board and Mr De Ferrari are committed to:

• returning to shareholders the majority of the net cash proceeds received on settlement of the sale, subject to unforeseen circumstances;
• removing approximately A$40 million (after tax) per annum of stranded costs by the end of the first full year post-separation (FY 2020); and
• offsetting the financial impact of unwinding distribution arrangements in the Australian wealth management business through revenue replacement and/or cost management. The distribution arrangements account for approximately A$65 million of the previously announced A$80-90 million per annum after tax.

AMP is also providing additional background information on the sale to assist investors. A brief information pack is attached and includes the following:

• portfolio review strategic rationale – delivering a simplified, less capital intensive business;
  • underlying profits of sold businesses – price achieved represents P/E multiple of
  approximately 11 times earnings;
  • alternatives considered in the portfolio review process;
  • reconciliation of embedded value for sold businesses;
  • underlying profits of continuing businesses; and
  • implications of the sale on AMP’s capital and debt position.

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