AMP Limited has sold the remaining part of its asset management business to a New York investment firm in a deal worth at least $462 million, marking the end of long-running negotiations to sell its so-called “crown jewel”.

The international infrastructure equity component of AMP’s asset management business, formerly known as AMP Capital but rebranded to Collimate Capital this year, has been sold to a subsidiary of DigitalBridge Group, a NYSE-listed infrastructure investment firm.

AMP Capital was long referred to as the group’s “crown jewel” until the division was hit with a sexual harassment scandal in 2020 that triggered an investor revolt and led to significant outflows from the funds.

Since then, its main leadership group has been overhauled and a new AMP chief executive and chair have been appointed. AMP sought to splinter and sell off AMP Capital to focus on domestic wealth management, financial advice and banking.

In a statement to the ASX on Thursday, AMP said the deal with the US investor included an upfront consideration of $462 million, but this could extend to $699 million in total.

After a series of deals to sell different parts of Collimate, AMP said the business was valued in total between $2 billion and $2.5 billion, which includes the sale of its domestic infrastructure equity business to Dexus announced yesterday, combined with the February sale of its infrastructure debt platform.

To finalise the sale of Collimate, DigitalBridge has bought $9 billion in assets under management, the related management platform and a “substantial portion” of the teams located across the UK and Europe, North America and Asia.

AMP said it intends to return a significant portion of the proceeds from the recent business sales to shareholders through a capital return and on-market share buybacks.

AMP chair Debra Hazelton said the transactions represent a “strong outcome for AMP shareholders and Collimate Capital stakeholders”.