New world at AMP Capital

AMP Capital Investors (AMPCI) has signalled a greater emphasis on hedge fund product development, in the wake of chief investment officer Merv Peacock announcing his retirement.

Once a replacement for Peacock is found, current director of Australian equities, Michael Anderson, will assume the new designation of director advanced strategies with a focus on developing hedge fund capabilities.

AMPCI’s only offering in the burgeoning space at present is the multimanager Total Return Fund it puts together with Mercer Investment Consulting.

The heads of AMPCI’s various equities teams will no longer report to Anderson but to the new chief investment officer. AMPCI’s managing director, Stephen Dunne, said a global search for that role was underway.

Peacock will step down as CIO when his replacement arrives, but will remain as head of private capital before departing for good at the end of the year.

The 41-year veteran’s departure follows that of former managing director Jack Ritch last year, after 45 years with the business. Ritch remains a non-executive director of the funds manager.

Meanwhile, AMPCI has established an Investment Research Team, which will create more long-term inputs into AMPCI’s investment process. Dunne, Anderson, chief economist Shane Oliver and head of international funds Mark O’Brien make up the team.