The AMP Capital exodus has spilled over to NZ with the chief executive, Bevan Graham, and long-time sales head, Greg McMaster, resigning today.
In a note to clients, AMP Capital managing director Asia-Pacific, Craig Keary, said: “Bevan has done an outstanding job of leading the New Zealand team and has established strong relationships across clients, consultants, industry organisations and colleagues. Bevan will remain with us until January 2021 and will work with us on a smooth transition…. Greg has shown dedication and professionalism; his integrity, expertise and strong client relationships will be missed. Greg leaves us next month and after a transition of responsibilities.”
Both Graham and McMaster would “have decided to leave to pursue other opportunities outside of AMP Capital”, Keary said.
The NZ news followed news last week where AMP Capital saw the exit of four key members of equities team last week in the wake of the high-level executive debacle that also ended the brief tenure at the top for Boe Pahari.
According to a spokesperson, AMP Capital global chief investment officer equities, David Allen, had left to $200 billion plus fund manager to “pursue opportunities outside the business”.
Earlier in August, the recently appointed AMP Capital chief executive officer, Pahari, was forced to step down following sexual harassment revelations. The scandal – which also claimed the scalps of AMP chair, David Murray, and fellow director, John Fraser – saw Pahari return to his previous role as AMP Capital head of infrastructure investments.
Allen’s departure coincided with the resignations of three other senior members of the AMP Capital shares team, namely: head of Australian equities, Genevieve Murray; co-head of sustainable investment, Emily Woodland; and, Kristen Le Mesurier, portfolio manager for the firm’s diversified multi-asset funds including its ethical investment suite.
Woodland and Le Mesurier, in particular, had also been instrumental in driving the environmental, social and governance (ESG) agenda for AMP Capital.
While Allen had already left AMP Capital, Murray, Woodland and Le Mesurier would “remain with the business for the coming months to ensure a smooth transition for our clients”, the spokesperson said.
“David, Genevieve, Emily and Kristen each have played a key role in resetting AMP Capital’s listed equities business and creating strong foundations for growth,” the statement says. “They leave with our best wishes.”
Meanwhile, AMP Capital has promoted Darren Beesley and Fiona Manning to co-portfolio managers of the Ethical Leaders Balanced Fund range.
“Our new strategy recognises our investors in the Ethical Leaders Fund range want strong ESG management of their funds and as well as strong returns,” the spokesperson said. “We believe expanding the role to include two high quality and experienced investment managers is the best way to deliver this outcome for clients.”
Prior to the latest move, Beesley was senior portfolio for the AMP Capital Core Retirement Fund while Manning held the role of senior sustainable investment analyst.