AMP says it will provide an update by the time of its next AGM, on May 10, on a review of its "manage for value" businesses, including AMP New Zealand.

Australian media reports have said the sale of the fourth-lagest KiwiSaver provider is "imminent".

It comes as Sovereign works through the process of being acquired by AIA and ANZ puts OnePath on the block.

A spokesman for the New Zealand business would only say: "AMP is progressing with a portfolio review of our manage for value businesses including AMP New Zealand. All alternatives are being considered.”

In 2017, AMP announced a strategy to manage its Australian wealth protection, New Zealand and mature businesses for value and capital efficiency.

The completion of a comprehensive reinsurance programme of Australian wealth protection released about A$1 billion ($1.07b) in capital to the group. AMP said disciplined cost management had driven efficiency in New Zealand.

But sale was still an option: In February, it said it was in discussions with a number of interested parties, believed to include private equity firms.

More than 200 financial advisers work directly for, or independently with, AMP in New Zealand. It recently rolled its Spicers group into the AdviceFirst brand.

Advisers were unconcerned at the prospect of a sale.

Fred Dodds, chief executive of IFA, said that was the right approach to take.

"You need to realise that this question is also one related to recent One Path and Sovereign news items. So, firstly no one is saying that market is to be less served by product providers – life does go on.

"If a sale does proceed at some future stage, and I am sure that’s by no means a given and likely a way off, any new owner will surely have as a priority distribution strength and would first be looking after all advisers in the AMP camps."

Wayne Smith, of the TripleA Advisers Association, said he did not think a sale would make a big difference to advisers.