AMP rethinks manager line-up
AMP Financial Services has re-jigged the investment management line up for its major super and retirement platforms.
The revamp will see the Citigroup Equity fund, the Deutsche Australian Equity Alpha fund and ’sInvesco Australian Share fund dropped from AMP’s Australian equity line up.
They will be replaced the Future Directions Australian Share Fund (FDASF), of which AMP Capital Investors is the responsible entity.
The multi-manger FDASF employs a mix of investment managers including AMP Capital Investors, Barclays Global Investors, Maple-Brown Abbott, Perennial Investment Partners and WestLB Asset Management.
AMP has also removed four of its balanced investment options, with existing investors in BT Balanced Returns, Invesco Growth, Maple-Brown Abbott and National Australia Balanced being transferred across to the Future Directions Balanced option, also a multi-manager fund.
Also changing is the Australian fixed interest line up, with Merrill Lynch’s Monthly Income fund being brought into replace Perpetual, and the international manager configuration, with Credit Suisse International Share option being replaced by Westpac’s Investment Management (WIM) Global Intersection fund.
In the conservative option, Barclays Diversified Stable will pick up existing investments in Invesco’s Protected Growth as well as Merrill Lynch Capital Stable, both of which will be closed off under the changes.
“The change is in line with AMP’s policy of regularly reviewing investment options and investment managers to continually ensure the options meet our criteria,” AMP head of product development for savings and retirement Tristan Laszok said.
The changes will take effect on December 13.
Laszok said the options selected to replace those being closed are similar in both investment style and risk profile, and will have greater out-performance potential over time.
“AMP selects investment options and managers on the basis that they outperform their benchmark index, have a consistent management style, and they have a sufficiently impressive history or pedigree,” he said.
Recommended for you
Net cash flow on AMP’s platforms saw a substantial jump in the last quarter to $740 million, while its new digital advice offering boosted flows to superannuation and investment.
Insignia Financial has provided an update on the status of its private equity bidders as an initial six-week due diligence period comes to an end.
A judge has detailed how individuals lent as much as $1.1 million each to former financial adviser Anthony Del Vecchio, only learning when they contacted his employer that nothing had ever been invested.
Having rejected the possibility of an IPO, Mason Stevens’ CEO details why the wealth platform went down the PE route and how it intends to accelerate its growth ambitions in financial advice.
