AMP sustainable funds to continue with new team
AMP Capital Investors (AMPCI) will continue with its sustainable funds strategy under a new-look team, despite the departure of its head of sustainable funds, Michael Anderson (pictured), in March.
The strategy as a whole was given an ‘avoid’ rating last week by Morningstar, with senior research analyst Julian Robertson saying that Morningstar would require more stability and clarity around the future of the funds to alter that rating.
Until that happened they would recommend investors look at other Australian equity and environmental, social and governance (ESG) funds, he said.
There was significant intellectual property tied to Anderson’s investment in the fund, and his departure in late March was closely followed by that of portfolio analyst Rahul Badethalav, creating uncertainty around future departures, Robertson said.
AMP Capital senior research analyst Dr Ian Woods has taken over as head of sustainable and now shares responsibility for the fund with senior portfolio manager/analyst Will Riggall, who is now lead portfolio manager.
Jonas Palmqvist, senior portfolio manager/analyst in the Capital team with responsibility for the financials sector, is also working with the Sustainable Equities team, according to AMPCI.
Woods told Money Management that Anderson would continue his involvement with the sustainable team one day per week for the next few months to help transition his responsibilities.
AMPCI is happy to continue running the sustainable strategies with the current investment team and the number of people and portfolio managers involved will remain the same, he said. AMPCI also has over 250 investment professionals to draw on if needed, he added.
The AMPCI Sustainable Future strategy had around $2.3 billion in assets at 30 June 2010, according to Morningstar.
Recommended for you
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
Having reset its market focus to high-net-worth advisers, Praemium’s administration solution has been selected by Bell Potter in a deal that increases the platform's funds under administration by $6 billion.
High transition rates from financial advisers have helped Netwealth’s funds under administration rise by $3.7 billion in the fourth quarter of FY25.
