Just two weeks after the exit of multi-asset chief, AMP Capital NZ has lost another senior executive.
Grant Hassell, AMP Capital NZ chief, confirmed Keith Poore, the group’s head of investment strategy resigned last week in the wake of the latest round of top-level restructuring.
“Keith’s resignation follows recent changes we made to better leverage the insights from our global multi-asset business and simplify the team structure in New Zealand,” Hassell said. “As a result of this review Peter Verhaart’s role [as multi-asset head] was made redundant and separate to this, after four years with AMP Capital, Keith has decided to leave the business.”
He said Poore would remain on deck until the end of June this year to ease the transition.
“[Poore] will be working with Debbie Alliston (head of portfolio management in the Sydney business) to ensure there is no disruption to the management of our diversified portfolios as we search for an experienced investment professional to join our team,” Hassell said.
“The most important point is to ensure there is continuity in managing the portfolios.”
He said AMP had already begun the search for Poore’s replacement.
“We hope to find the right candidate locally to join [chief economist] Bevan Graham and [investment research manager] Daniel Mead, but our priority must be on sourcing the right investment experience and capability to manage our clients’ portfolios,” Hassell said. “If we cannot, then we may need to broaden our search.”
He said while the preference would be for someone with hands-on diversified portfolio management skills “we’re not limited to that”.
“We would consider anybody with suitable experience in running large amounts of money in any asset class,” Hassell said.
Poore was hired as AMP Capital head of investment strategy late in 2011 after a 10-month fling as head of asset allocation for the New Zealand Superannuation Fund (NZS).
Prior to his NZ Super position, Poore spent three years as head of investment strategy for Axa Global Investors, leaving just as the group was purchased by AMP early in 2011.
Previously, he served in portfolio strategy roles for Wellington-based Grosvenor Financial Services and BNZ.
AMP Capital is New Zealand’s second-largest funds management business after ANZ Investments, boasting more than $19 billion under management.