AMP scales back private credit exposure

Credit quality: Construction workers (left) at a site above pedestrians in the central business district of Sydney. The Australian Securities and Investments Commission is stepping up oversight by demanding more detailed weekly data from private credit funds. — AFP

SYDNEY: 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 towards assets such as infrastructure.

The A$159bil firm began trimming private credit holdings within its diversified credit portfolio last year, according to Stuart Eliot, AMP’s general manager of investments.