AMP fund buys Ireland’s largest wireless telecom portfolio

AMP (ASX: AMP) has announced the acquisition of Ireland’s largest independent wireless telecom infrastructure company Towercom in its role as investment manager for the Irish Infrastructure Fund. According to an AMP press release, Towercom controls over 400 masts in key strategic locations in the Republic of Ireland, and counts all of the major telecoms operators in Ireland among its customers.

The Irish Infrastructure Fund was established by Irish Life Investment Managers, the asset management arm of Irish Life Group, and Towercom represents the second investment completed by the fund since its launch in 2011.

AMP’s involvement in managing this fund is another example of the company’s expanding overseas presence and comes in the wake of its joint venture with China Life as reported here. With a slow growth outlook for the Australian domestic economy, financial firms such as AMP, Macquarie (ASX: MQG) and ANZ Bank (ASX: ANZ) who have foreign earnings potential are likely to become increasingly appealing to growth-seeking investors.

Interested in our #1 dividend-paying stock? Discover The Motley Fool’s favourite income idea for 2013-2014 in our brand-new, FREE research report, including a full investment analysis! Simply click here for your FREE copy of “The Motley Fool’s Top Dividend Stock for 2013-2014.”

More reading

Motley Fool contributor Tim McArthur owns a share in Macquarie Group.

5 ASX Stocks for Building Wealth After 50

I just read that Warren Buffett, the world’s best investor, made over 99% of his massive fortune after his 50th birthday.

It just goes to show you… it’s never too late to start securing your financial future.

And Motley Fool Chief Investment Advisor Scott Phillips just released a brand-new report that reveals five of our favourite ASX stocks for building wealth after 50.

– Each company boasts strong growth prospects over the next 3 to 5 years…

– Most importantly each pays a generous dividend, fully franked.

Simply click here to find out how you can claim your FREE copy of “5 ASX Stocks for Building Wealth After 50.”

See the stocks now