AMP Trims ‘Frothy’ Private Credit Assets in Investment Pivot

Australian pension and wealth manager AMP Ltd. has been scaling back its exposure to private credit, citing an increasingly frothy market as its shifts money toward assets such as infrastructure.

The A$159 billion ($114 billion) firm began trimming private credit holdings within its diversified credit portfolio last year, according to Stuart Eliot, AMP’s general manager of investments. The asset class — which includes both local and global credit — accounted for about 2.5% of the company’s portfolio before being wound back to roughly 2% in recent months.