AMP has taken a 10 per cent minority stake in privately-owned dealer group Futuro Financial Services, with the financial services giant set to assume full ownership of the group in five years.
The transaction would take place in three stages, with the initial 10 per cent minority stake extending to full ownership in five years, subject to a number of conditions being met by both parties, AMP said in a statement.
Futuro will continue to operate under its own licence during the initial stages of the transaction and eventually will be transitioned to AMP-owned dealer group Charter Financial Planning.
Commenting on the deal, Futuro managing director Dennis Bashford said: "We have been speaking to our network for some time about bringing in a strategic partner and had a clear idea of what this partner should look like. In the end, AMP was the standalone choice.
"With the industry undergoing significant change, it is important Futuro has access to the type of support and expertise AMP can provide. To have a partner so well-placed for regulatory and industry change provides a high level of comfort to the network."
AMP's adviser network includes AMP Financial Planning, Hillross Financial Services, Charter Financial Planning, ipac and Genesys Wealth Advisers.
