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AMP Capitalâs growth strategy in turmoil
AMP is expected to refuse to confirm the exact size of Boe Pahariâs payout at the wealth management giantâs annual general meeting on Friday.
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AMP Capitalâs growth strategy has been thrown into disarray, as a $US5 billion ($6.4 billion) capital raising for a new fund to take stakes in infrastructure projects has come under a cloud after the departure of controversial infrastructure equity boss Boe Pahari, at the same time as investors in a key property fund prepare to vote on whether to merge with a rival fund.
AMP had been planning a $US5 billion capital raising for its Global Infrastructure Fund III, although the deal had not yet been taken to market. But AMP insiders say that Pahariâs departure has now raised doubts as to whether the fund will be launched as planned.
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AMP Capitalâs controversial infrastructure equity boss, Boe Pahari, could be entitled to pocket at least $50 million as the price of his amicable exit from the company.
Although the wealth-management giant has been tight-lipped about the financial terms of Pahariâs exit â an AMP spokesman declined to comment on Sunday â AMP insiders estimate he could earn $50 million.
Boe Pahari will depart AMP Capital, leaving the business without one of its big rainmakers. Â
David Rowe
This will partly reflect the termination payments and accumulated bonuses Pahari will be entitled to receive for his premature exit. (He earned a bonus of about $6.5 million in calendar 2020.)
AMP Capital is a significant money manager in terms of AUM size and clients in the infrastructure and real estate space. AMP Ltd. made a tough decision is decided to split off its private markets business. This is after AMP ended discussions about a possible A$ 6.4 billion sale to Los Angeles-based Ares Management Corporation. […]