The head of AMP Asset Management in Australia, Andrew Threadgold, has been sacked due to fund performance reasons.
AMP says Threadgold will be replaced by Andrew Mohl who joined AMP in 1996. Previously Mohl was an executive with the ANZ Banking Group and the Reserve Bank of Australia.
AMP spokesman James Willoughby says chief executive George Trumbull sought a change as he wanted improved investment performance.
AMP has about A$60 billion ($70.5 billion) invested in Australia and New Zealand and it has been one of the worst-performing managers in the past three years.
