AMP Capital has decided to discontinue its investment specialist team as a separate unit within the business.
The decision was internally announced earlier this week and the company is looking to redeploy the 14 member team, since a number of roles will continue to exist in a different format, a source told InvestorDaily.
But not all of the previous roles will be required under the new structure and some redundancies are inevitable, the source said.
The decision was made as part of a wider cost program that saw the merger of AMP Capital's International Business division and its Client Product and Marketing division, which looked after clients in Australia and New Zealand, into one division, named Global Clients.
Global Clients will require a number of additional business development managers and some of the investment specialists are currently applying for these roles, the source said.
One of the investment specialists, AMP Capital senior investment specialist Tim Nation, who focused on the property funds, has already been confirmed into a new role, while several other specialists have applied for roles within the wider company.
The investment specialist team was originally established to sit in between clients and fund managers and function as a direct contact point for clients, while freeing up time of fund managers.
The team reported to Brian Delaney, who recently left to company to join QIC as chief of global clients, products and marketing.
The transition program of the investment specialist roles will continue until the end of October this year.
