⁍ AMP hired investment banks Credit Suisse and Goldman Sachs to review all its business units.

---

⁍ Just two days earlier, the 160-year-old company was overtaken as the country’s biggest wealth advisor network.

---

⁍ A sale or breakup could mean the end of a household name in Australian retail finance.

---

– “We have taken a decisive step to undertake a portfolio review to ensure we appropriately assess all options to maximize shareholder value.” That’s the message from the chair of Australian financial advice giant AMP, which just two days ago was overtaken as the country’s biggest wealth adviser network after rival IOOF bought the advice arm of National Australia Bank, per Reuters. The 160-year-old company has been beset by scandals over the past few years, including charges for no service and the handling of an employee misconduct complaint, which led to the exit of its chair and CEO last year and the departure of another chairman over its handling of the complaint, reports the Sydney Morning Herald. The company’s shares were up as much as 5% in early trading Thursday, against a broader market gain of 1%, as investors bet on the likelihood of a sale of some or all of the busines. “They’re probably trying to get an offer for their financial planning business’ Hugh Dive, chief investment officer at Atlas Funds Management, tells Reuters. “They saw what happened with IOOF and IOOF and they’re hoping to shake out some interest.’ Dive did not expect AMP to push for a sale of its wealth management division, AMP Capital, which he said was seen as ‘the jewel in their crown, the only part of the business that’s consistently profitable.’ Like much of the Australian AMP, AMP has been selling assets to simplify and minimize headaches.