Australia's largest manager of pension fund assets AMP is locked in the final stages of negotiations that could see it off load its pension fund consulting division to William M Mercer.
Mercer is remaining quiet about the proposed deal, but a spokesperson for AMP has confirmed the two groups have been in discussions about the future of AMP Consulting.
The two groups are believed to be considering a number of alternatives, including the complete sale of AMP Consulting to Mercer and a joint venture arrangement that would effectively allow AMP to outsource the consulting division to Mercer.
If the deal is finalised it would be in keeping with AMP’s strategic push to divest what it sees as non-core businesses.
In January AMP, which also owns UK based Henderson Global Investors, sold its pension fund administration subsidiary, Australian Administration Services (AAS), to software supplier Kaz Computer Services. At the time, AAS was the largest pension fund administrator in Australia, handling over 4 million members.
AMP Consulting currently advises 95 corporate pension funds with a combined membership base of almost 105,000. An official announcement on the future of the consulting division is expected within the next few weeks.
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up
The Pensions Regulator (TPR) has granted Now Pensions a six-week extension for its master trust authorisation application after the 31 March deadline, PP can reveal.