AMP Capital Investors (AMP Capital) has cut its team of small companies portfolio managers following the resignation of senior portfolio manager Michael Hughes.
Hughes will join Ord Minnett in June as head of corporate finance and will be responsible for syndicated and originated equity capital market transactions.
The remaining AMP Capital small companies team member, analyst David Berton-Jones, will join the fund manager's large-cap team.
"We have decided to focus our Australian capital team's capability on broader, large-cap mandates, while maintaining coverage of the full stock universe," an AMP Capital spokesperson said.
In November 2009, head and co-manager of the AMP Capital small companies team Gary Armor resigned. Earlier this month, Armor joined boutique fund manager Lodestar Capital Partners.
As of yet, AMP Capital has not closed the AMP Capital Small Companies Fund, AMP Capital Australian Small Companies Fund A and AMP Capital Australian Small Companies Fund H, and the portfolios will be managed by AMP Capital head of the capital team and senior portfolio manager Greg Barnes.
The fund manager will also continue to cover the small companies sector as part of the sustainable alpha equities and the multi-strategy equities funds.
Standard & Poor's Fund Services has put a sell rating on the three funds, citing uncertainty surrounding the future of the Australian equity small companies strategy at AMP Capital.
"Existing investors should consider obtaining financial advice on switching or redeeming their funds," the research house said.
