Stop-gap AMP Capital NZ head of investments, Michael Gray, has been upgraded to a permanent role as the group prepares to shift to new ownership.
Gray was appointed this April for a short-term stint due to expire in October following the departure of former AMP Capital NZ head of investment strategy, Greg Fleming, and portfolio manager, Daniel Mead.
In a note to clients last week, Rebekah Swan, AMP Capital NZ head, says Gray “will be continuing in the role on a permanent basis”.
“Michael will continue to oversee the management of AMP Capital New Zealand’s diversified portfolios, including the goals-based investing suite of funds,” Swan says in the note. “With the New Zealand business currently going through a transition process to Macquarie Asset Management ownership, we are delighted to have Michael as a permanent part of our team as we remain committed to delivering exceptional investment solutions for our clients.”
Prior to joining AMP Capital, he established a boutique investment consulting firm in Auckland following a five-year career as a senior portfolio manager for Caliber Investments ending in 2020.
Gray has also served in senior roles across the Tasman including as Suncorp investment manager and head of investment strategy at the Commonwealth Bank of Australia-owned CommInsure. Before his Australian adventures, he held portfolio manager roles in NZ with ASB and JB Were Goldman Sachs.
Swan said Gray had integrated well into the AMP Capital NZ team that was on track for a smooth change-over to Macquarie ownership (expected to finalise by the end of the March quarter next year).
“We couldn’t offer Michael a permanent role [in April] due to the ownership uncertainty at the time,” she said.
Macquarie purchased the approximately A$60 billion trans-Tasman AMP Capital public markets business (that includes most of the NZ division) in July.
AMP Capital NZ now has roughly $10 billion in assets under management after its soon-to-be-ex sister company, the AMP NZ wealth arm, shifted about $9.6 billion over to a BlackRock passive mandate in September.
Swan said AMP Capital NZ was also hiring for two new risk roles.