SYDNEY, AAP – Wealth manager AMP will spin off and list one of its key business units after a potential sale fell through.

The private markets investment arm AMP Capital manages assets classes including infrastructure equity and debt and real estate.

It will now be demerged from the main AMP business sometime in the first half of 2022 ahead of a listing on the Australian Securities Exchange.

“AMP will commence the internal separation of private markets immediately,” it said in a statement on Friday.

Once the split is completed, AMP shareholders will receive shares in the rebranded independent entity on a proportional basis.

“The proposed demerger would unlock further value in the private markets business by simplifying its structure, providing operational independence and enabling it to establish a new brand,” AMP said.

The private business already has about $50 billion in infrastructure and real estate assets under management and a global reach that includes North America, Europe, the Middle East, Asia and Australia and New Zealand.

AMP was previously in talks with US-based Ares Management to sell the business but the negotiations fell through.