AMP Capital clients force fund move; Genworth parts with $488m stake; Greensill Capital nabs new adviser

Good evening,

It was a busy weekend at Goldman Sachs.

The investment bank bought American insurance company Genworth Financial’s $488 million controlling stake in Australia’s Genworth Mortgage Insurance Australia and was offloading it to fund managers on Sunday afternoon.

It was highly unusual to do the trade on a Sunday, however it’s a deal that fund managers had been keeping an eye on.
And you can bet the Genworth block will have equities desks dusting off their watchlists on Monday morning.

Elsewhere, some of AMP Capital’s blue-chip institutional investors have strong-armed the manager into considering options for its $7 billion flagship Australian office property fund.

And we reveal which investment banking upstart has been drafted in to help with the deliberations.

Meanwhile, under-siege Greensill Capital has hired a new adviser while Bundaberg’s second finest export – Lex Greensill – has told us not to mention the “s” word.

Happy reading,
Sarah Thompson, Anthony Macdonald and Tim Boyd
Street Talk Editors