AMP Capital Australia has lost two senior members of its local equities team to rival managers.
Gian Pandit, co-head of Australian Fundamental Equities, and senior portfolio manager, Jonas Palmqvist, both resigned last week to take up roles with separate funds management businesses.
Ella Brown, AMP Capital Australia head of fundamental equities, also resigned early in June, retiring after four years with the firm.
Brown was responsible for Australian fundamental equities, New Zealand equities, Asian equities, global listed infrastructure and global listed real estate capabilities. AMP Capital is currently recruiting for new global head of equities position that will encompass the firm’s entire shares business.
Following the latest moves, Michael Price, will take on full responsibility for the Australian Fundamental Equities team in a role previously shared with Pandit.
Price would continue to run the group’s sustainable and income strategies, AMP Capital said in a statement. He also managed AMP Capital’s New Zealand active shares portfolio during the interregnum between the dissolution of the NZ local equities team last December and Salt Funds Management picking up the job in May this year.
Palmqvist joined AMP in January 2011 followed by Pandit in November of the same year.
The AMP statement said the remaining nine-member team would be able to transition the portfolio duties “seamlessly”.
“[Pandit] will leave AMP Capital in early August, giving us the opportunity to recruit for a senior portfolio manager to add to the team,” the AMP statement said. “Phillip Hudak, senior portfolio manager, and Carlos Castillo, portfolio manager will take over management of the core strategy from Jonas with immediate effect.”
New Zealand investors have an exposure of about $30 million to the Australian portfolio in question, a spokesperson for AMP Capital NZ said.
“The implications for New Zealand investors are minimal given the small size of the fund we have here,” the spokesperson said.