The research house has updated AMP Capital Stategic NZ Shares to “not ratable”.
It said: “The previous rating was Under Review following continued staff turnover and uncertainty surrounding the strategy’s future.”
At the end of October 2014, AMP Capital announced that portfolio manager Douglas Lau would be leaving the firm.
This came after the departure of deputy head of equities John Phipps in 2013.
In January 2015, AMP Capital announced the decision to outsource active New Zealand equity management to a third-party and head of equities Guy Elliffe and senior analyst Jonathan Davis were made redundant.
But Morningstar said the underlying AMP NZ strategy, now outsourced to Salt Management, was solid. “Salt implements a core investment style that is centred on finding undervalued companies based on fundamental research. The approach is not too dissimilar to that taken by Guy Elliffe in the past.”
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