In mid 2003, following the exit of Aquilia as a major shareholder, the UED's group shareholdings and management arrangements were restructured. This resulted in AMP creating DUET to hold ultimate ownership of UED. UED entered into an Operating Services Agreement to procure operating services from Jemena Asset Management (formerly known as AAM), as a specialist in that area. AMP also saw significant benefit in JAM's parent Jemena Ltd (formerly known as Alinta Ltd) holding equity in the assets to align its longer term interests with those of the asset owners. Those arrangements included UED entering into an Operating Services Agreement with JAM.
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