Dec 24 (Reuters) - AMP Ltd said on Friday it would sell its infrastructure debt platform to Ares Management for A$428 million ($310 million), as part of its strategy to simplify its private markets business ahead of a spin-off next year.

The 172-year old company is trying to restore its reputation and reorganise itself into a simpler outfit, as it continues to lose clients after years of scandals due to improperly charging fees and attempting to mislead regulators.

AMP said the deal would result in Areas gaining the debt platform's A$7 billion in invested assets under management and its entire investment team.

The embattled wealth manager had failed to sell its asset management arm's private markets business to Ares in April this year, instead opting to spin off and re-brand the unit.

The demerger is on track to complete late in the first half of 2022, AMP said on Friday.

($1 = 1.3806 Australian dollars) (Reporting by Arundhati Dutta in Bengaluru; Editing by Ramakrishnan M.)