AMP Capital Investors has reshuffled the line-up in its Future Directions multi-manager funds, the company announced in a letter to clients.

AMP Capital has removed BlackRock's long/short mandate from the Future Directions Australian share fund.

BlackRock managed 10 per cent of the portfolio, and this allocation has been redistributed among the fund's remaining managers.

The decision [to terminate BlackRock] was made because of "concerns about key personnel departures and instability resulting from the recent merger of the BlackRock and former Barclays Global Investors funds management operations," AMP Capital investment director of multi-manager and investment solutions Sean Henaghan said in a letter to clients.

The portfolio of managers now consists of Tyndall (21 per cent), Platypus Asset Management (20 per cent), Bennelong Funds Management (18 per cent), AMP Capital value plus (13 per cent), Ausbil Dexia (11 per cent), JF Capital Partners (8 per cent), and AMP Capital's multi-manager smaller companies portfolio (9 per cent).

AMP Capital also terminated the mandate of Alliance Bernstein for its Future Directions core international share fund.

Alliance managed 12.5 per cent of the portfolio, and this allocation went to Schroder Investment Management.

The rest of the portfolio consists of Bernstein Value (20 per cent), Taube Hodson Stonex (20 per cent), Edinburgh-based Baillie Gifford (10 per cent), T Rowe Price (10 per cent), and Wellington (7.5 per cent).

AMP Capital also awarded a new mandate for Investec Asset Management Australia's 4Factors emerging markets equity fund.

Investec will manage $150 million for AMP Capital's Future Directions global emerging market shares fund.

"They have a strong investment capability and the combination of HOLT valuation and momentum in its investment style in global emerging markets is highly complementary to other managers' styles within the Future Directions global emerging markets shares fund," Henaghan said.