Ann: AMP announces intention to pursue Private Markets demerger, page-151

Dexus poised for merger success with AMP Capital Diversified Property Fund

The vote on whether the $5bn AMP Capital Diversified Property Fund will merge with a rival Dexus fund is expected to convincingly go the latter’s way on Tuesday.

Dataroom understands proxy votes already tallied point to the merger being approved, with a formal unitholder vote happening on Tuesday.

A result for the tie-up with Dexus — which plans to combine the AMP diversified fund with a $10bn fund it runs — would end the months long tussle for control.

The Dexus merger was recommended by the AMP fund’s independent board committee in mid-March, but both parties argued their case to unitholders again in recent weeks.

Fund, which is assessing its future management. That fund has set up an advisory committee and has investment bank Jarden running the process.

For the real estate funds merger with Dexus to proceed, 75 per cent of unitholders of AMP’s diversified fund must vote in favour. Holders of the Dexus wholesale fund must also give the merger the green light, although they have a lower approval threshold of 50 per cent.

The AMP diversified fund’s holdings include stakes in the Quay Quarter in Sydney’s central business district, the Gold Coast’s Pacific Fair retail and conference centre and the Macquarie Centre at North Ryde in Sydney.

The ructions in AMP’s real estate division continue even after the ASX-listed parent on Friday unveiled a demerger plan for its private markets division, which houses property and infrastructure investments.

Separately, the merry-go-round of personnel changes in investment banking is continuing at pace.

Newcomer Barrenjoey had lured Credit Suisse’s senior operative and equity sales boss Mark Malouf to its ranks.

Malouf had been with the Swiss bank since 2015 and will join Magellan Financial-backed Barrenjoey after a period of gardening leave.

US investment bank Jefferies has also hired from Credit Suisse, nabbing equity capital markets and industrials banker Gordon Kerley.

He had an 11-year stint at Credit Suisse and is joining Jefferies as a senior vice-president.