FIGHTING ON. Investors in struggling Australian money manager AMP were understandably aggrieved two weeks back when a potential deal to sell the company to Ares Management failed to materialise. Now Chief Executive Francesco De Ferrari is close to pulling off what may be the next best thing: selling a majority stake in its lucrative infrastructure and real-estate arm. The U.S. investment firm is again the bidder, proposing to pay almost A$1.4 billion ($1.1 billion) for a 60% stake. That’s more than 5% of the $59 billion in assets the unit manages – lower than the almost 7% Ares itself trades at, but decent enough given AMP’s issues. De Ferrari still has to convince shareholders that the remaining wealth-management and banking divisions are winners. But hanging on to a stake in a prized unit that will be under new, respected ownership is the kind of schmuck insurance that could keep them around. (By Antony Currie)