AMP Capital is closing down its core Australian equities capabilities and restructuring its domestic investment team in response to client demand, which will involve appointing a new head of Australian equities from Macquarie.
The investment manager said this move forms part of a global initiative to "modernise" its equities product suite, and that it will now focus on products that meet long-term client needs. It also clarified this doesn't imply AMP Capital is exiting active management of Australian equities, but rather reorganising its active offering around strategies that are more specialised, differentiated and lower-cost.
As a result of this, Australian equities managers will now be split across three teams: equity income, small caps and systematic equity. Macquarie head of research Genevieve Murray will transition over to lead these new teams as head of Australian equities and systematic co-portfolio manager. Additionally, current head of Australian fundamental equities Michael Price will leave the business after a transition period.
The equity income team will consist of co-portfolio managers Tom Young and Dermot Ryan (along with an as-yet-unannounced analyst); the small caps team will comprise co-portfolio manager Phillip Hudak, analyst Kent Williams and two other members currently unnamed; and the systematic team will be led by Murray, another unnamed portfolio manager and analysts Joseph Duncan and Vaibhav Rastogi.
AMP Capital global chief investment officer of equities David Allen said: "We are pleased to have attracted a leader of the calibre and experience of Genevieve Murray to AMP Capital and look forward to delivering excellent client outcomes and growth under her leadership."
"The new strategy for Australian equities plays to our strengths and the needs of our clients," Allen added.
"Demographic shifts towards an ageing population and rising client demand for income means there is strong demand for equity income products. This is particularly true of offerings like ours, which have a differentiated proposition and are tax efficient."
AMP Capital advised that the Australian equities team currently manages about $12 billion in assets.