(Australia) – AM Corp, Australia’s largest privately held fund manager, is up for sale after cornerstone investor and chairman David Smith decided it was in the company’s best interests to be acquired.One of Australia’s leading banks is considered a likely buyer as the banks build up their wealth management businesses.
Sydney based AM has A$3.1 billion in funds under management and 2,000 financial planners on its books.
Smith founded AM in 1975 and has 95 percent of the company.