AMP Capital private markets spin-off plan moved a step closer to fruition last week with the appointment of Nadine Lennie as inaugural chief financial officer (CFO) of the embryonic entity.
Lennie – former CFO of Afterpay (now part of Block) – joins the AMP Capital PrivateMarketsCo pre-launch vehicle in April from global toll-road giant, Atlas Ateria, where she serves the same function.
Previously, she held senior infrastructure-related roles at the Australian government-owned Future Fund, Hastings Funds Management (an ex Westpac subsidiary) and PricewaterhouseCoopers.
In a statement, PrivateMarketsCo chief, Shawn Johnson, said Lennie would bolster the firm’s executive ranks ahead of the proposed ASX listing in the first half of this year.
“We have made significant progress on separating the business from AMP Limited, to establish an independent, stand-alone global manager of infrastructure and real estate investments,” Johnson said. “Nadine, alongside me, will be responsible in delivering our strategy to separate, simplify and broaden our client base and diversify our investment capabilities.”
Following a tumultuous couple of years, AMP decided mid-2021 to break up its troublesome asset management business into three parts with the plan to list the private markets business on the ASX, sell the in-house managed public equities and fixed income arm to Macquarie while shifting the third-party ‘multi asset’ fund distribution unit to control of AMP Australia.
Near the end of last year, the group sold the infrastructure debt assets – previously included under the private markets banner – to US-based Ares Management, a one-time suitor of the entire AMP business.
The AMP share price has been flat for 2022 to date, trading in a narrow range around A$0.95 to A$0.97. As of February this year AMP will decamp from the NZX in favour of a single ASX listing.
According to an AMP statement issued near the end of last year: “The delisting will support the simplification of AMP’s shareholder administration ahead of the planned demerger of its Private Markets business in the first half of 2022. The delisting reflects the smaller number, and lower level of holdings of AMP shareholders on the New Zealand Exchange, following greater accessibility of the ASX to New Zealand-based shareholders.”
Elsewhere, trans-Tasman investment consultancy firm, JANA, has named Lindy Hunt as head of legal, risk and compliance.
Hunt comes to JANA from the now defunct Australian industry superannuation fund, Club Plus Super, where she served in a similar risk management capacity. The A$3.2 billion Club Plus merged with the country’s largest super fund, AustralianSuper, last December amid a rash of consolidation in the A$3 trillion plus sector.
JANA chief operating officer, Ashleigh Crittle, said in a release that Hunt’s “experience and expertise will strengthen our robust frameworks to deliver reliable and consistent results for our clients”.
The Melbourne-headquartered JANA has several high-profile NZ clients including the $1.6 billion Foundation North and fellow community trust, Trust Waikato, as well as the BNZ KiwiSaver and investment fund business.