Yes I think that's precisely what they were trying to do.
However, don't forget that they ran an active sales process (strategic review) prior to this, also Ares at the time it pulled away from the full AMP tilt, offered to buy private markets.
I always think that the best course of action is to treat your customers well (AMP forgot this), treat your staff well (the big egos forgot this) and manage your costs carefully (AMP at sea on this).
One also can't forget that AMP bought the 15% MUFG owned in AMP Capital in 2020 (more brilliance from FDF and Murray) at a valuation that implied just over $3bn for AMP Capital. They haven't got close to $3bn in proceeds for AMP Capital, by selling it piece meal, so that $450m purchase of the 15% stake was wasted.
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