AMP buys 5% investment stake in Austbrokers
AMP Capital Investors has bought a 5% stake in broking cluster group Austbrokers – but the move has little to do with the sort of strategic stakes taken up by major insurers a couple of years ago.
Austbrokers CFO Steve Rouvray told insuranceNEWS.com.au it’s not unusual for wealth management groups to buy shares in the company as part of their institutional investments.
He says Credit Suisse, UBS and ING have also invested in Austbrokers in the past.
Nor is it uncommon for general insurers to hold strategic stakes in Austbrokers. QBE has a 14.9% stake and Allianz has 5.1%. Both investments are regarded as indications of the insurers’ determination to be “part of the game” if any other organisation makes a future move on Austbrokers.
Austbrokers CFO Steve Rouvray told insuranceNEWS.com.au it’s not unusual for wealth management groups to buy shares in the company as part of their institutional investments.
He says Credit Suisse, UBS and ING have also invested in Austbrokers in the past.
Nor is it uncommon for general insurers to hold strategic stakes in Austbrokers. QBE has a 14.9% stake and Allianz has 5.1%. Both investments are regarded as indications of the insurers’ determination to be “part of the game” if any other organisation makes a future move on Austbrokers.