AMP has appointed Patrick Snowball as chair designate and Andrew Fay as deputy chair designate of the board of AMP Capital's private markets business which is due to be spun off and listed on the Australian Securities Exchange.
Effective 1 November 2021, Snowball and Fay will work with AMP Capital chief executive Shawn Johnson and non-executive director Michael Sammells on the operational separation and demerger of private markets business which should be completed in the first half of next year.
AMP expects to appoint more non-executive appointments to support the planned demerger.
Snowball led the transformation of ASX-listed Suncorp Group as its chief executive from 2009 to 2015, where he driving a recovery in the group's performance and market value.
Since leaving the banking and insurance giant, he served as chair of Sabre Insurance Group, and IntegraFin Holdings, both of which he led to IPO's on the London Stock Exchange. He is currently of UK-based specialist lender, Provident Financial.
Meanwhile, Fay, a former Deutsche Asset Management Australia chief executive, is currently a non-executive director of Pendal and Spark Infrastructure Group. He will step down from both of these roles this year.
He is also a former deputy chair and a non-executive director of Cromwell Property Group, a non-executive director for Gateway Lifestyle, and an alternate director for Dexus Property Group.
These appointments mark another important step as we prepare for the separation and demerger of private markets," said AMP chair Debra Hazelton. "Both Patrick and Andy have led significant financial institutions and have the experience of bringing businesses to a share market listing."
Snowball added: "The private markets business has significant potential to be one of the leading global asset managers in private markets, building on the strengths it has already has in infrastructure equity, infrastructure debt, and real estate.
"I feel privileged to be joining the business as it moves to independence and charting its own future."