While FundSource has given the recent changes at AMP Henderson, which included the loss of NZ equity manager Stephen Walker, the thumbs down for now, rival Morningstar reckons the changes are OK.
As a result of this Morningstar has made no change to AMP Henderson's four star rating, while FundSource put its rating for the manager on hold.
Recently AMP Henderson decided to split its business and investment management functions.
In the process managing director Catherine Savage relinquished her dual role of MD/chief investment officer and appointed former bond manager Chris Wozniak to the CIO position.
Under this new structure the all investment staff report to Wozniak, rather than to the head of each asset class/sector.
Morningstar says the decision to appoint a dedicated CIO is consistent with the AMP Henderson global model, but the decision to do away with sector heads is unique to New Zealand.
Morningstar says the decision to split the business issues from investment management through the appointment of a dedicated CIO is sound.
"The loss of the significant experience of Walker is will need to be monitored."
The other issue is how to keep the senior staff motivated now they no longer have head roles of individual asset classes/sectors, Morningstar says.
"Overall the departure of Walker is certainly a loss for AMPH given his 13 years investment experience, although the rest of the team members remain." Morningstar says. "The question is how much cost/benefit will be derived from the restructure? In Morningstar's view it is too early to tell."
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