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Suncorp-Metway Ltd (ASX:SUN) has divested its wealth management arm, Tyndall Investments, to Japanese fund manager Nikko Asset Management for $128.5 million.
Suncorp says the deal includes an upfront payment of $80 million in cash, a $30 million option payment in three years time and $13.5 million in employee equity interests.
Suncorp will continue to remain Tyndall's major client and around $18 billion of Suncorp directed funds will continue to be managed by Tyndall.
Suncorp says the transaction enables the company to simplify its life business and instead focus on life insurance, superannuation and investments.
For the year ended 30 June 2010, Suncorp reported a net profit of $789 million dollars.
News: Suncorp sells Tyndall to Nikko Asset Manage
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