The Sydney-based wealth manager's head of infrastructure equity is departing as AMP nixes takeover talks with Ares Management over the sale of its private markets business.
AMP will spin-off of AMP Capital’s private markets business on the Australian Stock Exchange, in a deal that will see Boe Pahari leaving the company, according to an announcement by the bank on Friday.
The company said the demerger would enable AMP to pursue and allocate capital to distinct growth opportunities, and realise efficiencies. Private Markets will also put in place a new management equity plan, to attract and retain talented investment professionals and management, the announcement said.
Eventful Year
Pahari's departure caps an eventful year for AMP's head of infrastructure equity, who was promoted to the company's second-highest paid executive position, but then quickly demoted when a sexual harassment scandal from 2018 resurfaced.
His promotion prompted the departure of dozens of staff, both junior and senior, and the company later underwent a review of its leadership and workplace culture.
New CEO
The targeted timeline is for the demerger to be completed in the first half of 2022. A search process for a new CEO to lead Private Markets is currently underway, with David Atkin continuing to lead the business on an operational basis.
Earlier this month, AMP announced that former ANZ deputy chief Alexis George will be taking over from CEO Francesco de Ferrari in the third quarter of the year.
