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The Australian newspaper speculated the New Zealand arm of AMP Capital is being looked at by Australian investment giant, Macquarie, as its parent looks to sell more non-core assets.
Citing unnamed sources the paper said the operation, which offers investment management services including KiwiSaver funds, was potentially worth $500 million.
The business has previously been slated for divestment through a sale, or NZX listing, before AMP decided to keep it as a stand-alone operation.
The renewed talk of a sale has been prompted by expectations that AMP, badly scarred in the fallout from the Australian banking Royal Commission, will need extra funds to cover further consumer and restructuring costs.