Analyst departure sees AMP fund 'on hold'
The resignation of AMP Capital portfolio manager and resources analyst Gary Armor and the taking of leave by two other equity analysts has resulted in ratings house Standard & Poor’s (S&P) placing two Australian equity funds 'on hold'.
S&P announced that it had the AMP Capital Equity Fund and the AMP Capital Small Companies Fund 'on hold'.
Commenting on the move, S&P fund analyst Justine Gorman said the ratings house considered the departure of Armor a significant loss to the AMP Australian equity team given the size and importance of the resources sector, and the key roles he filled in the group.
Gorman noted that Armor had not communicated his reasons for departing the group but that it followed an announcement in September that it had appointed Greg Barnes as senior portfolio manager.
She said the departures of equity analysts David Flynn and Kelli Meagher on 12 months of personal leave represented unfortunate timing, reducing the analytical team from nine to seven.
AUTHOR
Mike Taylor
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