Feb 26 (Reuters) - AMP Ltd AMP.AX said on Friday U.S.-based Ares Management ARES.N will buy 60% of the private markets businesses of the Australian company's asset management arm AMP Capital for A$1.35 billion ($1.06 billion).
Under the proposed deal, the troubled Australian wealth manager will retain 40% of the private markets business. The whole joint venture is valued at A$2.25 billion.
($1 = 1.2721 Australian dollars)