AMP (ASX:AMP) completed the creation of a partnership and ownership structure with Entireti and AZ Next Generation Advisory for its AMP Advice division, according to a Monday filing with the Australian bourse.
As part of the transaction, Entireti acquired AMP's advice licensees and Jigsaw for AU$10.2 million, with the company retaining a 30% stake, the filing said. AZ Next Generation Advisory, meanwhile, acquired AMP's minority stakes in 16 advice practices for AU$82.5 million.
The financial services company will recognize an anticipated accounting loss of AU$36 million in its fiscal 2024 results due to separation and transition costs, according to the filing.
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