1 Comment 1 Commentby Susan Edmunds
A spokeswoman would not confirm or reject the suggestion this week.
She said AMP Capital was in the process of considering how best to deliver its New Zealand equity management to its clients. “We will consult with all our clients and related parties as part of this process.”
A passive approach is less labour intensive so may allow AMP Capital to deal more easily with the loss of former deputy head of equities John Phipps, senior portfolio manger Douglas Lau and senior equity analyst John Middleton.
The AMP Capital spokeswoman said Guy Elliffe, Head of New Zealand Equities, and Jonathan Davis, Senior Analyst, continued to actively manage the portfolios as usual.
AMP has about $18 billion under management but was recently dropped by the Super Fund.
The Guardians of NZ Superannuation said they had terminated AMP Capital’s New Zealand active equities mandate.
Neither AMP nor the Super Fund gave a reason for the move.
Sources speculated AMP might eventually move to index-based management of all its offerings, and its size could lead to lower fees, which could be the firm’s big competitive advantage. “It’s good for their clients and for the industry,” one said.
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