FundSource has mellowed its view on Stephen Walker's departure from AMP Henderson Global Investors (AMPH) and moved two of the funds he managed from a hold to a recommended status.
Those two funds are the AMP New Zealand Shares Trust and the PRP NZ Shares Fund.
A third fund, the National Bank's Thoroughbred NZ Equity Growth fund remains on hold.
FundSource executive chairman David van Schaardenburg says AMPH still has an experienced NZ equity team and its process and philosophy remain unchanged following a structural rejig which saw Walker leave the firm.
However, Walker's departure has weakened, if only temporarily, AMPH's NZ equity capability.
"AMPH are now missing the person that built and lead the equity team."
Walker's departure places the main portfolio management role on a less experienced portfolio manager.
Also the promotion of Craig Brown leaves a gap in the senior research resources of the team.
Van Schaardenburg says the changes "present only (a) modest risk of under-performance for active funds, with low tracking error. However, for more aggressively managed portfolios with a higher tracking error, we believe it is prudent to wait until such time that we feel the equity team at AMPH have settled into their new respective roles and proven their capabilities to manage higher risk strategies."
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