(Australia) – The Bank of Italy (BoI) has rejected a bid by AMP’s UK subsidiary, Pearl, to buy an Italian fund manager.The BoI has rejected the A$33 million purchase of Commerzbank Asset Management Italia, citing Pearl’s capital adequacy problems in the UK.
New AMP Chief Andrew Mohl said the purchase, originally announced in June under previous chief Paul Batchelor, no longer fitted the group’s strategy.