Exiting AMP Capital NZ chief, Graham Law, is leaving the business after a torrid six years at the helm.
In a statement released to clients last week, AMP Capital said Grant Hassell would assume Law’s managing director role as at April 30 in addition to current responsibilities as head of fixed income.
Law’s departure follows a tumultuous period at AMP Capital which most recently saw the group dissolve its NZ equities team. Late in March this year, AMP NZ appointed boutique firm Salt Funds Management to run its $690 million local shares portfolio, leaving NZ fixed income as the only asset class it runs in-house.
In December 2014, AMP Capital NZ handed control of its property funds to its Australian parent, which was confirmed as a permanent move earlier this year.
Law, who succeeded Murray Gribben as managing director in May 2009, also presided over a difficult unwinding of AMP Capital NZ unlisted property assets, some of which were frozen following the global financial crisis. In 2014, the group sold its unlisted property portfolio to a Canadian pension fund for about $1 billion.
After divesting its direct holdings, AMP NZ said its property funds would be managed passively against a listed index.
According to the AMP client note, Law was responsible for “spearheading significant changes behind-the-scenes that have positioned the business for the future and building leadership capability within AMP Capital’s wider leadership team that has enabled a smooth succession at the right time”.
Incoming chief, Hassell, a 28-year AMP Capital veteran, took over as head of fixed income in 2006.
“]Hassell’s] immediate priority will be to build on AMP Capital’s key capabilities and deliver on its growth strategy. Grant will continue to oversee our New Zealand fixed income portfolios with the support of a well-established team that remains responsible for the day-to-day running of those portfolios,” the AMP Capital note says.
Hassell will report to Sharon Davis, director of Australia and New Zealand, and to Simon Warner, global head of fixed income.
It is understood, AMP would also bolster the fixed income team with a junior hire following Hassell’s promotion.