POWERED BY MOMENTUM MEDIA
AMP Capital and Macquarie to internalise DUET management
Investor in regulated energy utility assets, DUET, will move to an internal management structure after being managed as a joint venture between AMP Capital and Macquarie Capital Group since being listed in 2004.
Under the proposal, the consideration payable to AMP Capital will be $41 million, which will be used to subscribe for DUET stapled securities, AMP Capital stated.
AMP Capital and Macquarie will provide support to DUET in its transition to independent management up to 30 June 2013, for a separate fee.
"Since DUET listed on the [Australian Securities Exchange] in 2004 it has grown and developed into a significant infrastructure investment vehicle, and today it holds a diverse portfolio of energy utility assets in Australia," AMP Capital Managing Director Stephen Dunne said.
The proposal still requires a minimum of 50 per cent approval by DUET securityholders, with voting to take place at a general meeting, likely in late October, AMP Capital stated.
AMP said that if approved, the consideration will be reflected in AMP Capital's second half 2012 financial results.
AUTHOR
Staff Writer
Money Management staff writers are writers who contribute to the website from time to time. If you would like to discuss the content contained within this article please contact us.
Recommended for you
Over 90 finalists have been chosen to compete at the 36th annual Fund Manager of the Year Awards.
The asset manager is bolstering its investments in the global energy transition and climate opportunities.
The ethical investment manager has reported record FUM as its growth trajectory continues apace.
The chief investment officers of UniSuper, HESTA, and TelstraSuper have elaborated on opportunities and risks that are top of mind when it comes to illiquid assets like private credit within their portfolios.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
Spire Oaktree Opportunities XI First Close USD
66.99 3 y p.a(%)
2
Hills International
63.66 3 y p.a(%)
3
Acadian Global Equity Long Short Class A
36.33 3 y p.a(%)
4
CFS FC Acadian Global Equity Long Short
35.96 3 y p.a(%)
5
DomaCom 4/27 Crombie Avenue Bundall QLD 4217 Australia
32.23 3 y p.a(%)
Add new comment