AMP listed property put on hold
Research housevan Eykhas put a hold onAMP’slisted property trust (LPT) capabilities in the wake of a reshuffle of staff in the funds management giant’s listed property team.
AMP recently announced the appointment of Brett Ward as the new head of the listed property team, while former acting head of the team, Rob Inglis, will go back to concentrating on heading up the Australian shares capital team.
Ward has been in the LPT team at AMP since 1999, serving as senior portfolio manager. He joined AMP Henderson Global Investors after a stint at Deutsche Bank Property Group. Prior to this, he worked for BT Funds Management’s property team.
Working under Ward will be analysts Hien Tan and Rob Pepicelli.
Van Eyk analyst Rashmi Mehrotra says the hold was put on AMP partly in response to the management changes, and partly for other concerns.
“Our research suggests that AMP could have too many funds under management in LPTs to add significant value. The hold notice is precautionary until we do a study into it.”
She says AMP has $2 billion in funds under management in LPTs, more than 5 per cent of the market.
Mehrotra says the last research report on the team was conducted 18 months ago, and with the management restructure, it is in need of updating.
Recommended for you
Clime Investment Management has faced shareholder backlash around “unsatisfactory” financial results and is enacting cost reductions to return the business to profitability by Q1 2025.
Amid a growing appetite for alternatives, investment executives have shared questions advisers should consider when selecting a private markets product compared to their listed counterparts.
Chief executive Maria Lykouras is set to exit JBWere as the bank confirms it is “evolving” its operations for high-net-worth clients.
Bennelong Funds Management chief executive John Burke has told Money Management that the firm is seeking to invest in boutiques in two specific asset classes as it identifies gaps in its product range.
