AMP Capital stable despite executive exit

Lonsec Securitieshas maintained its outlook forAMP Capital Investors’ capital funds despite the sudden departure of its director, Michael Evans, late last week.

The departure of Evans, who was promptly replaced by senior portfolio manager John Whiteman, has not impacted on the Melbourne-based research house’s ‘recommended’ outlook for the integral arm of the group’s Australian equities offerings.

“We consider the strength and depth of investment personnel within the AMP Capital team to be the manager’s greatest competitive advantage, and while we feel the departure of Evans represents a loss for the team, we are confident Whiteman is a suitably experienced successor,” Lonsec researcher Richard Everingham says.

The group also lost small cap portfolio manager Chris Cahill last week, who departed to launch a new boutique firm.

According to AMP Capital Australian equities director, Michael Anderson, the capital team will be able to draw on the resources of the wider Australian equities team, which has about 40 portfolio managers and analysts.

The group’s Australian equity capabilities, which combined amount to over $18 billion in fund under management, are comprised of five divisions - enhanced index, active quant, socially responsible investing, value plus and the capital funds.

The group’s existing rating was granted following Lonsec’s recent Australian equity large cap review, which saw the AMP Equity Fund downgraded to ‘recommended’ due to “lacklustre performance and the relative attractiveness of alternative ‘growth’ orientated managers”.