AMP put on ice following restructure
TenAMP Capital Investors’ funds have been placed ‘On Hold’ as a precautionary measure by rating houseAssirt Researchin light of three recent key departures within its Australian equities team.
However Assirt says the move is not a ‘knee jerk’ reaction to the changes at the investment manager, which included the departure of capital funds director Michael Evans at the end of April.
“This is not a decision we have taken lightly. The whole of our research team met face to face with AMP representatives on Monday,” an Assirt spokesperson says.
With the promotion of John Whiteman to head of Australian equities, the research house believes there will be a shift in terms of management style, and a period of adjustment will be required.
“It is the opinion of Assirt that its ratings are no longer reflective of AMP’s business and investment management capabilities within the sector.
“There has also been an indication from AMP that the investment process and strategy may also change in line with the change of management,” Assirt states.
Assirt says it will reconsider the manager’s rating once there is evidence of greater team and process stability.
The ten funds placed on hold include a range of AMP Australian Multi Flexible Income Plan, Flexible Lifetime Investment, Flexible Lifetime Super and Capital Investment funds.
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